The recent sale of 2/3 of Solana tokens worth $2.6 billion by law firm Sullivan and Cromwell at a significant discount has sparked controversy. FTX’s creditors’ champion, Sunil, raised concerns about the impact on FTX’s creditors, while others questioned the legality of the sale. This article delves into the details of the sale and the reactions it garnered.
According to Sunil, who is the champion of FTX’s creditors, Bloomberg reported his statement at the time of the SBF verdict. It revealed that Sullivan & Cromwell, a law firm, sold 2/3 of its Solana cryptocurrency worth $2.6 billion at a significant discount of $64 per token, which is 62% below the market price of $172. Sunil also mentioned that Galaxy, which is a client of Sullivan & Cromwell, has purchased the majority of Solana’s tokens themselves.
Sunil expressed concern about this sale, saying it resulted in the destruction of billions of dollars in value to FTX’s creditors. The sale of Solana tokens by Sullivan and Cromwell appears to have negatively impacted the recovery of FTX’s creditors. Sunil further added that he has requested that Solana tokens be distributed to creditors before the sale takes place.
Another person named Lydia expressed disbelief that Sullivan and Cromwell were allowed to sell something that was never theirs to their own customers. Lydia hopes that they will be held accountable for the damage caused by their actions.
Sunil agreed with Lydia, saying that selling a property that didn’t belong to them at a significant discount was wrong on many levels. He emphasized that the sale not only destroyed customer recoveries, but also benefited Sullivan and Cromwell’s own customers, who were authorized to sell, not buy.
It is important to note that the information provided is based on the statements made by Sunil and the reactions of others on the platform. Further details or confirmation from official sources may be needed to fully understand the situation.
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