Key Points:
Mysten Labs, the team behind the Sui blockchain, signed an agreement on Wednesday with bankrupt assets FTX to purchase FTX’s equity investment in Mysten Labs and secure SUI tokens for $96.3 in million cash, according to court records.
FTX filed for bankruptcy a few months after FTX Ventures led Mysten Labs’ $2 billion Series B round last August. FTX invested US$101 million in this funding round, received approximately 570,000 Mysten Labs preferred shares and received warrants to purchase about 890 million SUI tokens.
FTX paid around $101 million for the equity investment and an additional $1 million for token warrants.
This means that FTX creditors can recover more assets. It also marks the efforts of the new FTX chief executive in helping creditors collect as much as possible.
FTX’s debtors retained investment bank Perella Weinberg Partners (PWP) to solicit interest from other potential buyers prior to finalizing the deal with Mysten.
“After thoroughly evaluating alternatives with the assistance of PWP, the Debtors determined that it was in the best interest of their estates and their constituents to proceed with [Mysten Labs, Inc.] and work toward a mutually agreeable transaction, with the expectation that the Debtors will continue marketing the Interests and confirm that no higher and better offer exists over the course of the coming weeks,”
The filling said.
For now, FTX debtors can continue to “seek higher offers from other third parties” until the court sets a date for sale.
According to a document filed in a court in the state of Delaware on March 22, cryptocurrency exchange FTX has reached an agreement to recover more than 450 million USD worth of assets from the investment fund Modulo Capital, equivalent to 97% of the money FTX companies have poured into this fund in 2022.
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