Key Points:
Read more: FTX Estate Recovers $460M In Assets In Ongoing Bankruptcy Case
According to sources close to the process, it will be a fire-sale auction and could be anywhere from 40% to 75% off from the current market price of about $1.69 per token.
Bids are due for the FTX locked WLD tokens by 8 pm ET on Wednesday, sources said, adding that notifications for accepted bids were expected by Thursday.
Importantly, this sale is the only avenue available for buyers to acquire the entire 22.3 million tokens, which are scheduled to progressively unlock through 2028. Specifically, it provides access to 20,539 tokens per day commencing on December 1, 2024, but ending on July 24, 2026, and to 13,689 per day from July 25, 2026, through July 24, 2028.
One source and a separate industry participant have expressed concern over the long lockup periods for the FTX locked WLD tokens. The warning echoes comments made by Figure Markets co-founder and CEO Mike Cagney earlier this week on social media platform X, citing the large discount possible and the slowly unlocking timing for the tokens.
Cagney insinuated Figure Markets can set up a fund for participation in the auction, similar to how they did it in participating in the Solana auction of FTX.
The move came after the FTX Estate sold its last remaining SOL tokens to Pantera Capital and Figure Markets at a discount in May in order to try and make amends for claims by creditors. The company had jettisoned SOL tokens valued at $2.6 billion for the trifling amount of $102 per token.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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