The restructuring officers and bankruptcy attorneys working for the defunct digital asset trading platform FTX were called out on social media platform X (formerly known as Twitter) for placing a sell wall at the $130–$140 price range for its Solana (SOL) holdings.
As per crypto commentator and the host of ‘Crypto Traders Club Space’, Marty Party over 350,000 SOL tokens have been stacked up on the world’s largest crypto exchange by trading volume, Binance.
The crypto enthusiast called out the lawyers and executives of the exchange, stating that they are even bigger scammers than Sam Bankman-Fried (SBF) in the digital asset space, who is held responsible for the collapse of the FTX estate.
According to Marty Party, FTX purchased SOL at $16.24 per coin and has set the sell wall for themselves at $140, which means that once the digital currency hits the target price, the exchange will be making a profit of $123 per coin.
Other users also pointed out that the market value of cryptocurrencies has skyrocketed four times since the collapse of FTX, and the exchange is “making bank.” Notably, bankruptcy lawyers have profited heavily from the digital asset trading platform.
As stated by John Reed Stark, a former United States Securities and Exchange Commission (SEC) official, the lawyers representing bankrupt crypto exchange FTX have made a boatload of money from the bankruptcy proceedings.
“One law firm handling the FTX bankruptcy will generate so much revenue that even if the firm took no other engagements last year, the firm would still rank among the 200 largest law firms in the U.S. All those fees to tell us what we already knew—that FTX should be liquidated and not reorganized,” Stark said while giving example of a single law firm involved in the bankruptcy process.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
