A recent release from the FTX estate was mostly about solana tokens. They said they were going to sell off a locked batch of these tokens. People in the cryptocurrency community are both excited and angry about this new development, which has made things even less safe in the area.
The news was shared by Figure CEO Mike Cagney in a recent X post. He said that the long-awaited sale of Solana tokens is about to happen. Because SOL prices have gone up so quickly, people who want to buy are very interested in the hidden coins.
Not everyone is happy with how the estate is being run, even though Cagney said more details about the sale would be made public this week. A lot of people who used to use FTX are upset because they say digital assets were redistributed unfairly.
Solana Tokens At Center Of Controversy
Sunil Kavuri, a lawyer for FTX victims, said that Sullivan and Cromwell owed some clients, like Galaxy Digital, more than they were giving them. Kavuri said the business gave locks on Solana tokens to FTX creditors for a very low price, even though the people who were losing funds didn’t want them.
This new event happens after a controversial sale of cheap Solana tokens worth $2.6 billion to companies in the same field, like Galaxy Digital. Some people think that Sullivan and Cromwell’s past work with Galaxy Digital is unfair and makes people wonder how they will treat FTX’s assets.
As the criticism grew, Cagney allegedly came up with a way to allow minor FTX creditors to take part in the auction, though they would have to invest at least $5,000. But some people, like Kavuri, say that these actions are unfair, and they point to the ongoing class action cases that are trying to get FTX creditors their money back.
Since then, new laws have made things even more difficult. Sam Bankman-Fried, the founder of FTX, has agreed to settle a class action case brought by people who were hurt by FTX. The deal says that Bankman-Fried has to talk about a lot of well-known people and companies that are linked to FTX, like Shaquille O’Neal, Kevin O’Leary, and Tom Brady.
Kavuri was happy about the deal because he thought it was good for the people who were hurt by FTX, but he was mad that he thought it was hard to get important information because of opposition from both this group and the FTX estate.
