News - FTX sells 30 million Solana (SOL)

By Mike Hesp

FTX sells 30 million Solana (SOL)

Solana (SOL)

FTX's trustees realized about $1.9 billion from the sale of Solana. The SOL share price has since collapsed.

The trustees of the bankrupt exchange FTX have sold up to 30 million SOL tokens. This reported Bloomberg based on insider sources.

With a selling price of $64 per SOL the trustees thereby realized proceeds of $1.9 billion. This money will be used to pay out injured customers.

As FTX announced in the summer of 2023, the bankrupt exchange held $1.2 billion in Solana (on Aug. 31, 2023, SOL was $20). Bitcoin is the second largest position with $560 million, followed by Ethereum.

SOL's billion-dollar sale is reflected in its price: In the past seven days, Solana has fallen about ten percent and is trading at $176 at the time of writing. On an annual basis, however, the sale is hardly noticeable: Solana is up nearly 800 percent.

Former FTX CEO Sam Bankman-Fried - responsible for a loss of more than US$8 billion - was convicted in late March. He faces 25 years behind bars. Up to 115 years was possible.

It is currently unclear when duped customers will receive a payout can expect. When in doubt, the process can drag on for years to come.

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