Sullivan and Cromwell’s Deep Discount Sales of Solana (SOL) Raise Concerns Among FTX Creditors
Recently, controversy arose when the law firm Sullivan and Cromwell sold two-thirds of Solana tokens worth $2.6 billion at a steep discount. FTX creditor champion Sunil expressed concerns about the impact on FTX creditors, while others questioned the legality of the sale. This article takes a closer look at the details of the sale and the resulting reaction.
According to FTX creditor champion Sunil, Bloomberg reported his statement during SBF sentencing. He said Sullivan and law firm Cromwell sold two-thirds of $2.6 billion worth of Solana cryptocurrency at a steep discount of $64 per token. This is 62% lower than the market price of $172. Sunil also noted that Galaxy, a client of Sullivan and Cromwell, purchased the majority of Solana tokens directly.
Sunil expressed concern about the sale, saying it had wiped out billions of dollars in value for FTX creditors. Sullivan and Cromwell’s Solana token sale appears to have had a negative impact on the recovery of FTX creditors. Sunil added that he also requested that Solana tokens be distributed to creditors before the sale takes place.
Another individual named Lidia expressed disbelief at the fact that Sullivan and Cromwell were allowed to sell items to their customers that were never theirs. Lydia wants them to be held accountable for the harm caused by their actions.
Sunil agrees with Lidia and says that selling a property that does not belong to you at a significant discount is wrong on many levels. He emphasized that the sale not only destroyed the client’s recovery, but also benefited Sullivan and Cromwell’s clients, who were mandated to sell rather than buy.
It is important to note that the information provided is based on Sunil’s statements and reactions of other individuals on the platform. Additional details or confirmation from official sources may be required to fully understand the situation.
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