Summary
FTX’s bankruptcy estate is offering remaining locked SOL tokens at auction to recover higher market prices. Figure Markets is setting up an SPV for investors to participate, with a minimum investment of $5,000. Some creditors are pleased with the new approach, while others criticize the valuation methods by the law firm overseeing the bankruptcy proceedings. A class-action lawsuit is seeking reparation for perceived asset undervaluation.
Key Points
1. The bankruptcy estate of defunct cryptocurrency exchange FTX is auctioning off its remaining locked Solana (SOL) tokens in hopes of recovering a higher market price compared to direct sales.
2. Figure Markets is setting up a Special Purpose Vehicle (SPV) to allow both non-U.S. investors and accredited U.S. investors to participate in the auctions, enabling community-based decision-making on bid prices.
3. The transition to an auction-based sale method has been well-received by some FTX creditors, particularly smaller investors, as it provides a more accessible entry point with a reduced minimum investment threshold of $5,000 compared to the previous $5 million required for direct purchases.