Shock Sale: FTX Dumps $1.9 Billion in Solana for Pennies on the Dollar! Inside the Fire Sale That's Shaking Crypto to Its Core!
FTX's liquidation drama unfolds as it offloads a hefty slice of its Solana (SOL) holdings, securing nearly $1.9 billion. In a bold move, 25 to 30 million SOL tokens were sold at a startling 60% discount, priced at $64 each, starkly below SOL’s market value of $172. This strategic yet controversial sale not only spotlights the dire straits of FTX’s unwinding but also hands buyers a potentially lucrative deal, amidst FTX’s November 2022 collapse fallout.
Galaxy Trading to Pantera Capital jumped on this opportunity, underscoring confidence in Solana despite its tumultuous history of dramatic price fluctuations. The transaction echoes the market's appetite for risk, offering tokens at a fraction of their value, locked for four years. Eva Weng from Caladan highlights the trade-off, noting investors swap immediate liquidity for discounted access, a gamble on future gains.
The sale's backdrop is fraught with the shadow of Sam Bankman-Fried’s legal woes and Solana’s volatile journey, deeply entwined with FTX’s saga. This event marks a pivotal point in the crypto narrative, showcasing the complexities and high-stakes nature of digital asset investments.
Do you think this is fair? They should sell it on the open market to maximize the returns so they can pay all the FTX users back.
