Sullivan and Cromwell's Sale of Solana (SOL) at a Massive Discount Raises Concerns among FTX Creditors
According to Sunil, who is the FTX Creditor Champion, Bloomberg reported his statement during the SBF Sentencing. He revealed that Sullivan and Cromwell, a law firm, sold 2/3 of their $2.6 billion worth of Solana cryptocurrency at a significant discount of $64 per token, which is 62% lower than the market price of $172. Additionally, Sunil mentioned that Galaxy, which is a client of Sullivan and Cromwell, bought the majority of the Solana tokens themselves.
Sunil expressed concern about this sale, stating that it has resulted in the destruction of billions of dollars in value for FTX creditors. It appears that the sale of the Solana tokens by Sullivan and Cromwell has negatively impacted the recoveries of FTX creditors. Sunil further added that he had requested for the Solana tokens to be distributed to the creditors before the sale took place.
Another individual named Lidia expressed disbelief that Sullivan and Cromwell were allowed to sell something that was never theirs to their own clients. Lidia hopes that they will be held accountable for the harm caused by their actions.
Sunil agreed with Lidia, stating that selling property that does not belong to them at a significant discount is wrong on multiple levels. He emphasized that the sale has not only destroyed customer recoveries but also benefited Sullivan and Cromwell's own clients, who were mandated to sell rather than buy.
It is important to note that the information provided is based on the statements made by Sunil and the reactions from other individuals on the platform. Further details or confirmation from official sources may be necessary to fully understand the situation.
Image source: Shutterstock
Read More
South Korean Political Parties Woo Voters with Crypto-Friendly Policies
Apr 07, 2024 0 Min Read
Dubai Prince's Hong Kong Office Warned by US SEC, MTR Listed as Untrustworthy
Apr 07, 2024 0 Min Read
Over 220 Web3 Companies Settle in Hong Kong, Boosting Virtual Asset Development
Apr 07, 2024 0 Min Read
Blockchain Sleuth ZachXBT Reports Alleged Harassment by IRS Criminal Investigation Unit
Apr 07, 2024 0 Min Read
BlackRock Expands Bitcoin ETF Operations with Five Major Wall Street Firms
Apr 07, 2024 0 Min Read