FTX Estate to Auction Locked Solana Tokens: Details Coming Soon

The FTX estate is gearing up for another round of auctions for its locked Solana tokens, according to Figure CEO Mike Cagney. The highly anticipated batch of Solana coins has attracted significant interest from potential buyers, especially with the recent surge in SOL prices.

However, not all FTX creditors are pleased with the estate’s handling of the situation. Sunil Kavuri, a former customer and advocate for FTX victims, has criticized the law firm Sullivan and Cromwell for what he perceives as unfair treatment of ex-customers’ digital assets. Kavuri claims that the firm is selling locked Solana tokens at a discount to their own clients, such as Galaxy Digital, despite objections from FTX creditors.

In response to the criticism, Cagney has reportedly designed a structure to allow retail FTX creditors to participate in the auction with a minimum investment of $5,000. Kavuri insists that it is not right for FTX to sell their property and is pursuing legal action against the estate.

On a positive note, Kavuri recently announced that lawyers representing FTX victims in a class action lawsuit have reached a settlement with FTX founder Sam Bankman-Fried. This agreement will see Bankman-Fried provide information on high-profile individuals and entities associated with FTX, including celebrities like Shaquille O’Neal, Kevin O’Leary, and Tom Brady.

The upcoming Solana auction follows a previous sale of discounted Solana tokens by the FTX estate to industry players, including Galaxy Digital. Critics of the estate’s handling of the situation allege mismanagement, as Sullivan and Cromwell had prior ties to Galaxy Digital.

At the time of publication, Solana was priced at $153.33, marking a 601.50% increase in value for the year. Stay tuned for more details on the upcoming auction and the ongoing legal battles surrounding the FTX estate.