Amidst widespread discontent among FTX creditors regarding perceived injustices in the bankruptcy proceedings, the now-defunct cryptocurrency enterprise made headlines by offloading a substantial amount of Solana tokens at a significant markdown.

Managed by CEO John J. Ray III and a team of bankruptcy administrators, FTX's estate orchestrated the sale of 25 to 30 million Solana (SOL) coins at prices well below the prevailing market rates, all in an effort to address the massive financial void left by the departure of FTX founder Sam Bankman-Fried.

As reported by Bloomberg on April 5th, this discounted sale of SOL generated a staggering $1.9 billion in revenue for the crypto exchange, with prominent entities such as Mike Novogratz's Galaxy Trading and Pantera Capital participating in the acquisition. Sources familiar with the matter revealed that Galaxy established a $620 million fund specifically aimed at procuring Solana from FTX's distressed assets.

In a separate development, Pantera announced intentions to secure $250 million worth of FTX's SOL holdings, while the estate also completed a $1.7 million Solana sale to Neptune Digital Assets. Notably, prior disclosures indicated that Solana constituted a significant portion of FTX's cryptocurrency reserves, with Bankman-Fried's public support for SOL, alongside investments in associated tokens like Serum (SRM), further solidifying the link between FTX and the Solana ecosystem.

During a trial last November, former Alameda Research CEO Caroline Ellison colloquially referred to Solana and other SOL-based tokens as "Sam's coins," underscoring Bankman-Fried's deep involvement with the cryptocurrency. However, recent legal proceedings have taken a dramatic turn, with Bankman-Fried being convicted on seven counts and sentenced to 25 years in prison.

Meanwhile, FTX's creditors have united to challenge what they perceive as unfair rulings in the bankruptcy case. In January, the presiding judge decreed that each creditor should receive holdings equivalent to their claims when FTX declared bankruptcy in late 2022. However, SOL prices have skyrocketed from around $16 at that time to over $175 at present, sparking discontent among creditors.

The FTX Customer Ad Hoc Committee, representing the largest voting bloc in the bankruptcy proceedings, has mobilized a campaign to safeguard creditor rights and advocate for more equitable treatment of crypto claims in court decisions. With 1,400 signatures amassed, the committee seeks to exert pressure for improved outcomes in the ongoing legal battle.