In an unexpected development, the estate of the now bankrupt cryptocurrency exchange FTX plans to sell its substantial Solana holdings, totaling 41 million tokens, valued at an impressive $7.65 billion. However, the sale carries an unprecedented condition: the tokens will be offered to institutional investors at a significant 68% discount, with a price per token of approximately $60.

FTX's bankruptcy has left a string of dissatisfied customers awaiting compensation, as highlighted by FTX creditor Sunil Kavuri during co-founder Sam Bankman-Fried's sentencing hearing on March 28. Kavuri has criticized FTX's bankruptcy counsel, Sullivan & Cromwell, alleging that the firm sold off billions of dollars' worth of crypto assets at substantial markdowns.

Kavuri's concerns were further elaborated in a victim impact statement, emphasizing that the "41.1 million Solana tokens" held by the estate should be distributed to FTX creditors rather than being sold. Given Solana's current trading price of $187 per token, the proposed sale price of $60 understandably generates significant frustration.

Although Judge Lewis A. Kaplan, overseeing the hearing, clarified that the focus was on sentencing Bankman-Fried rather than addressing creditor complaints, he acknowledged Kavuri's contention that customers have not been adequately compensated.

Adding to the intrigue within the crypto community is Neptune Digital Assets' recent acquisition of 26,964 SOL tokens at $64 each, representing a 67% discount from the market price. This mirrors the unusual terms set by the FTX estate. Moreover, a four-year vesting period for the discounted Solana tokens has been introduced. These developments coincide with separate allegations against Sullivan & Cromwell. Ultimately, FTX's early investment in the Solana ecosystem before its demise remains a notable aspect of its legacy.