May 23, 2024
Altcoins News

Solana Tokens Scheduled for Blind Auction by FTX on 24 April

A “blind auction” for Solana (SOL) and Zebec (ZBC) tokens is set to take place this week initiated by FTX, with bids closing on April 24. The results are to be announced the following day, according to sources speaking to Bloomberg.

FTX Sales and Major Players in the Auction

Following FTX’s report of selling approximately $307.6 million worth of Solana and Zebec tokens in March, the firm disclosed a staggering $1.9 billion worth of SOL token sales to entities like Galaxy Trading and Pantera Capital on April 5.

Notably, Figure Markets, Pantera Capital, and Abra are among the prominent bidders participating in the auction. Figure Markets CEO Mike Cagney confirmed his firm’s involvement, labeling the auction as an “investment opportunity.”

Implications and Market Speculation

While retail investors may not directly engage in the auction, there is anticipation surrounding potential price fluctuations resulting from the significant exchange. Solana’s current trading price stands at $15.79, marking a 1.6% increase over the past 24 hours.

FTX Founder’s Legal Entanglements

In other developments, FTX founder Sam Bankman-Fried has agreed to participate in a class-action lawsuit involving FTX investors and celebrity endorsers. Bankman-Fried is presently serving a 25-year prison sentence for his role in the collapse of FTX, casting further shadows on the platform’s tumultuous history.

Image by pikisuperstar on Freepik

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