tl;dr
FTX Estate, a defunct digital asset trading platform, has placed a sell wall on Binance for its Solana (SOL) holdings at a price of $130–$140, potentially making a profit of $123 per coin. The firm originally purchased the tokens for $16.24 per coin. This move has sparked criticism and accusations o...
FTX Estate, a defunct digital asset trading platform, has placed a sell wall on Binance for its Solana (SOL) holdings at a price of $130–$140, potentially making a profit of $123 per coin. The firm originally purchased the tokens for $16.24 per coin. This move has sparked criticism and accusations of unethical practices, with restructuring officers and bankruptcy attorneys profiting heavily from the bankruptcy proceedings.
According to Marty Party, a prominent crypto commentator, FTX has stacked over 350,000 SOL tokens on Binance, setting a sell wall at $140. This means that once the digital currency hits the target price, the exchange will be making a profit of $123 per coin. Users on social media have also pointed out that the market value of cryptocurrencies has surged four times since the collapse of FTX, leading to accusations that the bankruptcy lawyers are profiting significantly from the situation. John Reed Stark, a former SEC official, stated that one law firm handling the FTX bankruptcy will generate substantial revenue, which has reignited the debate around the ethical implications of this situation.
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