FTX creditors are encouraged to take part in the bankrupt exchange's planned auction of its remaining Solana token holdings. Figure CEO Mike Cagney announced on April 20 that the next round of locked Solana token sales by FTX would be conducted through auction, a departure from previous direct sales to venture capital firms like Galaxy Digital and Pantera Capital.

Consequently, Sunil Kavuri, a notable FTX creditor, urged retail investors affected by the exchange's collapse to engage in the auction process. He highlighted Figure's structure allowing retail FTX creditors to participate with a minimum investment of $5000, compared to the $5 million required for purchases from FTX.

Figure Markets will establish a special-purpose vehicle (SPV) for the auction, available to accredited US and non-US investors who must undergo a compulsory KYC process. The SPV will rely on community consensus to determine bid prices and manage investments, accepting funds in US Dollar, USD Coin stablecoin, Bitcoin, and Ethereum. As of now, the defunct exchange has not provided further details about the auction process.

The Solana (SOL) tokens represent a significant portion of FTX's crypto holdings, with the exchange actively divesting them at discounted rates. Recently, FTX realized $1.9 billion from the sale of SOL at $64 per token, well below its current market value. These discounted sales have drawn criticism from FTX creditors, who argue that they diminish the value for them.

Kavuri emphasized that it is unfair for FTX to sell their property, noting ongoing legal actions against Sullivan & Cromwell and others involved.