FTX creditors are expressing frustration over the recent bankruptcy proceedings and decisions, as the defunct crypto business has sold a significant amount of Solana tokens at a substantial discount.

The estate of FTX, overseen by CEO John J. Ray III, has sold 25-to-30 million Solana (SOL) coins below market value in an effort to address a $16 billion deficit left by FTX founder Sam Bankman-Fried.

Reports from Bloomberg on April 5 reveal that the crypto exchange raised approximately $1.9 billion through the discounted SOL sale to entities such as Mike Novogratz’s Galaxy Trading and Pantera Capital. Galaxy reportedly raised $620 million to purchase Solana tokens from FTX, while Pantera disclosed plans to acquire $250 million worth of SOL.

Last month, the estate also sold $1.7 million worth of Solana tokens to Nepture Digital Assets. Data from filings released last year indicated that Solana made up a significant portion of FTX’s crypto holdings, with Bankman-Fried being a prominent supporter of the SOL ecosystem.

Former Alameda Research CEO Caroline Ellison referred to Solana and other SOL-based tokens as ‘Sam’s coins’ during a trial last year. Bankman-Fried has since been convicted on seven criminal charges and sentenced to 25 years in prison.

FTX creditors are challenging the bankruptcy decisions, with the largest voting bloc, the FTX Customer Ad Hoc Committee, gathering 1,400 signatures to protect creditor rights in the bankruptcy process. The judge has ruled that each creditor should receive equivalent value of holdings when FTX declared bankruptcy in late 2022, a decision that has sparked discontent among creditors.

The SOL token, which was valued at around $16 at the time of bankruptcy, is currently trading above $175, further intensifying the dissatisfaction among creditors. The FTX Customer Ad Hoc Committee is advocating for improved court verdicts on how crypto claims should be handled in bankruptcy cases.

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