Sullivan and Cromwell’s Fire Sale of Solana Sparks Worries for FTX Creditors

The Controversy Surrounding the Sale of Solana Tokens by Sullivan and Cromwell

The Controversy Surrounding the Sale of Solana Tokens by Sullivan and Cromwell

The recent sale of 2/3 of $2.6 billion worth of Solana tokens by law firm Sullivan and Cromwell at a significant discount has sparked controversy. FTX Creditor Champion, Sunil, expressed concerns about the impact on FTX creditors, while others question the legality of the sale. This article delves into the details of the sale and the reactions it has garnered.

Details of the Sale

According to Sunil, who is the FTX Creditor Champion, Sullivan and Cromwell sold 2/3 of their $2.6 billion worth of Solana cryptocurrency at a significant discount of $64 per token, which is 62% lower than the market price of $172. Galaxy, a client of Sullivan and Cromwell, bought the majority of the Solana tokens themselves.

Reactions and Concerns

Sunil expressed concern about the sale, stating that it has resulted in the destruction of billions of dollars in value for FTX creditors. He had requested for the Solana tokens to be distributed to the creditors before the sale took place. Another individual named Lidia expressed disbelief that Sullivan and Cromwell were allowed to sell something that was never theirs to their own clients. Sunil agreed, mentioning that selling property that does not belong to them at a significant discount is wrong on multiple levels.

It is important to note that the information provided is based on the statements made by Sunil and the reactions from other individuals on the platform. Further details or confirmation from official sources may be necessary to fully understand the situation.

Image source: Shutterstock

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