The recent sale at a steep discount of 2/3 of Solana tokens worth $2.6 billion by law firm Sullivan & Cromwell has sparked controversy. Sunil, an FTX creditor champion, expressed concern about the impact on FTX creditors, while others questioned the legality of the sale. This article highlights the details of the sale and the reactions received on it.
According to Sunil, who champions the FTX creditor, Bloomberg reported on his statement during the SBF sentencing. He revealed that Sullivan & Cromwell, a law firm, sold 2/3 of its $2.6 billion worth of Solana cryptocurrency at a significant discount to $64 per token, which is 62% below the market price of $172. Additionally, Sunil mentioned that Galaxy, which is a client of Sullivan & Cromwell, has purchased the majority of Solana tokens itself.
Sunil expressed concern about the sale, saying that it has resulted in billions of dollars of value being lost for FTX creditors. It appears that the sale of Solana tokens by Sullivan & Cromwell has negatively impacted the recovery of FTX creditors. Sunil further said that he had requested to distribute Solana tokens to creditors before the sale takes place.
Another person, named Lydia, expressed disbelief that Sullivan and Cromwell were allowed to sell their customers something that never belonged to them. Lydia expects to be held accountable for the damage caused by their actions.
Sunil agreed with Lydia and said that selling property that is not theirs at a huge discount is wrong on many levels. He emphasized that the sale not only destroyed the clients’ recovery, but also benefited Sullivan and Cromwell’s own clients, who were ordered to sell rather than buy.
It is important to note that the information provided is based on statements made by Sunil and responses from other individuals on the platform. More details or confirmation from official sources may be necessary to fully understand the situation.
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