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Home»EXCHANGE NEWS»Pantera and Figure Scoop Up Final Discount as FTX Solana Token Sale Ends
EXCHANGE NEWS

Pantera and Figure Scoop Up Final Discount as FTX Solana Token Sale Ends

By Crypto FlexsMay 26, 20243 Mins Read
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Pantera and Figure Scoop Up Final Discount as FTX Solana Token Sale Ends
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Despite these adversities, FTX embarked on a series of restructuring efforts, including liquidating various assets, including Solana tokens and shares of successful startups.

In a move that marks the end of a weeks-long auction, bankrupt cryptocurrency exchange FTX has concluded the sale of $2.6 billion worth of deeply discounted Solana tokens. Recent buyers include Figure Markets and Pantera Capital, which bought the last of the FTX Solana tokens.

According to insiders, Figure purchased approximately 800,000 coin blocks for approximately $80 million. The acquisition was made at a significant discount, with Figure paying approximately $102 per token compared to the market price of approximately $166 at the time of purchase. The purchase price and details of the Panthera are not yet known.

The exchange, which has been in turmoil since its collapse in November 2022, has demonstrated unexpected financial strength, amassing surplus cash reserves totaling $16.3 billion. This surplus, which exceeds FTX’s debt by 50%, puts the exchange in a position to repay customers in full with interest, a rare occurrence in US bankruptcy proceedings.

FTX’s Journey to Financial Recovery

FTX’s financial woes can be traced back to a history of financial mismanagement by its founder, Sam Bankman-Fried (SBF). The downfall of SBF, a prominent figure in the cryptocurrency industry, shocked the entire market and raised questions about the sustainability of FTX, which was one of the largest cryptocurrency exchanges at the time.

SBF’s failure due to a series of mistakes and regulatory issues led to FTX’s bankruptcy and left millions of its customers and creditors in limbo. In the aftermath of SBF’s downfall, FTX came under intense scrutiny from regulators and investors. The exchange’s liquidity reserves have been depleted, causing financial problems and raising questions about its ability to meet its obligations to customers and creditors.

Despite these adversities, FTX embarked on a series of restructuring efforts, including liquidating various assets, including Solana tokens and shares of successful startups. Solana token sales began in April after receiving court approval.

FTX’s efforts to date have yielded significant results, demonstrating its commitment to addressing its immediate financial obligations. The exchange’s newfound financial stability has given its 2 million customers and other creditors confidence in its ability to pay off about $11 billion in debt.

FTX’s revised Chapter 11 plan, pending court approval, aims to centrally distribute assets among clients, streamline the repayment process, and ensure fair treatment for all claimants.

The exchange’s proactive approach to debt repayment and disclosure of surplus cash reserves have strengthened investor confidence and provided positive prospects for a comeback. Last year, the SEC already hinted at the possibility of approving the revival of FTX if the exchange met regulatory guidelines.

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