Drop in SOL Accelerates as FTX Starts Auction for Locked Solanas.

The auction has started in the 3rd sale process of locked SOL assets in the portfolio of FTX, the cryptocurrency exchange that manages the bankruptcy process.

After selling a high amount of SOL in the first sale, FTX held an auction with a lower amount last month. According to Block's report, a source with knowledge of the process said that the period for bidding on locked Sol assets will end on May 9. However, it is not yet known how much SOL assets will be sold in the 3rd sales phase.

FTX plans to sell approximately 41 million SOL at the end of this process. It is known that these assets will be sold as locked, the locks will be opened within a period of 4 years and the staking rewards will be distributed according to the determined progress schedule.

FTX began selling its crypto assets last year as part of its plans to repay its creditors. In the Solana sale, which first took place in March, crypto assets were sold to Galaxy Trading and Pantera for $64. Bloomberg reported at the time that the size of the total sale was about two-thirds of the company's Solana assets. This means that FTX earned approximately $1.7 billion in revenue from sales.

In the second sales phase, FTX sold a much lower amount of assets, such as 1.8 million SOL. It was said that the bids in this auction were between 85 and 110 dollars per cryptocurrency. Sources informed that offers of $95 and above were accepted. During last month's auction, the price of SOL was in the $150 range.

The bidding period for FTX's SOL assets will end this week, and the price of the cryptocurrency appears to be close to its price at the time of the auction last month.

Another development regarding FTX today is about refunds. The cryptocurrency exchange, which is in the bankruptcy process, announced in the notification published yesterday that 98% of the creditors can be paid at a rate of 118% after court approval.
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