Pantera, Figure Buy Remaining Discounted FTX Solana Tokens

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As a researcher with extensive experience in the cryptocurrency market, I find the recent developments at FTX particularly intriguing. The auction of its Solana token holdings for approximately $2.6 billion is undoubtedly a significant move in the ongoing bankruptcy process.

FTX, the bankrupt crypto exchange, has concluded auctions for its substantial Solana token hoard, raking in approximately $2.6 billion. Notable investors like Figure Markets and Pantera Capital were attracted by the discounted sale prices.

Approximately $80 million was spent by Figure Markets to acquire around 800,000 tokens in a recent transaction. This purchase was confirmed through anonymous sources due to the confidential nature of the auction results. Each token was bought at roughly $102, significantly lower than the market value of $165 recorded just prior on Friday.

As a crypto investor, I can share that Pantera Capital took part in the recent token auction. However, the specifics about the price and the amount of tokens they acquired are still kept confidential according to the available information.

In FTX’s ongoing bankruptcy proceedings, selling these assets is a crucial move, supervised by the estate’s administrators. Despite generating significant revenue through token sales, creditors will be repaid in full with interest in traditional money, not cryptocurrency – a decision that has sparked debate among involved parties.

The debate rages on as interested parties fail to reap the benefits of the recent cryptocurrency market boom, epitomized by Bitcoin‘s impressive march performance in March. Currently, the FTX estate anticipates distributing approximately $16.3 billion to its creditors, encompassing over two million customers, while dealing with roughly $11 billion in outstanding debts.

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2024-05-24 15:48