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Figure CEO Mike Cagney says #FTX Estate will auction locked Solana Tokens
In a Saturday X post, Figure CEO Mike Cagney said the FTX estate would auction off the next batch of its long-awaited sealed Solana tokens.
Due to rising $SOL prices, purchasers are eager to acquire the locked Solana coins.
Cagney expects auction information this week.
Crypto Exchange Creditors Dissatisfied With Estate Plans
Some FTX creditors are unhappy with how the collapsed crypto exchange's estate is being handled, despite skilled asset recovery attorney John J. Ray III.
Sunil Kavuri, a former customer and FTX victim advocate, blasted Sullivan and Cromwell for unfairly redistributing ex-customers' digital assets.
“S&C are adamant in selling FTX creditors locked Solana at a heavy discount to their own clients (Galaxy), despite our objections,” Kavuri wrote on April 21 X.
FTX estate's newest auction came weeks after it sold over $2.6 billion in discounted Solana tokens to crypto industry leaders like Galaxy Digital.
Since Sullivan and Cromwell advised Galaxy Digital, FTX estate critics charge mismanagement.
According to Kavuri, Cagney has created “a structure to allow retail FTX creditors to participate” in the auction with a $5,000 minimum commitment.
“It's not right for FTX to sell our property,” Kavuri wrote. Through our class actions, S&C and co-conspirators are being sued for whatever value they destroyed for FTX creditors.
SBF to compensate victims
Days before the Solana auction, Kavuri reported that attorneys for the crypto exchange's class action lawsuit victims settled with FTX founder Sam Bankman-Fried.
The settlement, which Bankman-Fried calls “a big win for FTX victims,” will reveal details on many high-profile FTX clients, including Shaquille O'Neal, Kevin O'Leary, and Tom Brady.
"John Ray/FTX debtors have withheld information and hampered our class action," Kavuri added. “Sullivan and Cromwell is also a defendant.”
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