The recent sale of 2/3 of $2.6 billion worth of Solana tokens by law firm Sullivan and Cromwell at a significant discount has sparked controversy. FTX Creditor Champion, Sunil, expressed concerns about the impact on FTX creditors, while others question the legality of the sale.
According to Sunil, Sullivan and Cromwell sold 2/3 of their $2.6 billion worth of Solana tokens at a significant discount of $64 per token, 62% lower than the market price. Galaxy, a client of Sullivan and Cromwell, bought the majority of the tokens.
Sunil expressed concern that the sale has negatively impacted FTX creditors by destroying billions of dollars in value. He had requested for the tokens to be distributed to creditors before the sale.
Lidia expressed disbelief that Sullivan and Cromwell were allowed to sell something that was not theirs to their own clients. She hopes they will be held accountable for 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. The sale has harmed customer recoveries and benefited Sullivan and Cromwell’s clients.
Summary:
– Law firm Sullivan and Cromwell sold 2/3 of $2.6 billion worth of Solana tokens at a significant discount.
– FTX Creditor Champion, Sunil, expressed concerns about the impact on FTX creditors.
– Galaxy, a client of Sullivan and Cromwell, bought the majority of the tokens.
– Lidia expressed disbelief and hopes for accountability.
– Sunil emphasized the harm caused by the sale and its benefits to Sullivan and Cromwell’s clients.
