FTX Acquires $102M Worth Of SUI Tokens: Is This The Next Big Thing In Crypto?

Key Points:

• FTX bought 890 million SUI tokens for $102 million and later sold them back to Mysten Labs for $96.3 million in cash.
• During the event, SUI released 594 million tokens and raised $49.32 million, offering low-priced tokens to ecology contributors.

FTX acquired 890M SUI tokens for $102M, and repurchased for $96.3M. SUI raised $49.3M by releasing 594M tokens. SUI available for low price to ecology contributors.

According to Wu Blockchain, FTX recently acquired 890 million SUI tokens in Mysten Labs’ B round of financing for $102 million, with an average price of $0.114. Currently, those tokens have been repurchased by Mysten Labs for $96.3 million in cash.

During the event, SUI released a total of 594 million tokens, and raised $49.32 million. This included 450 million public offerings, 225 million OKX and Kucoin each at $0.1, 144 million whitelisted SUIs, 25 million OKX and Kucoin each, and 94 million Bybits with $0.03.

Sui’s official website currently only emphasizes that American citizens cannot purchase the tokens.

The awarded SUI tokens will be distributed over a 12-month period. After confirming the number of winning tickets, users will unlock 1/13 of their tokens on the same day, and an additional 1/13 can be unlocked on the same day each month. Unlocked SUI tokens will be automatically released to the user’s Funding account.

Previously, exchanges such as OKX, Bybit, and Kucoin announced their plans to list SUI Token and launch a subscription mechanism instead of an airdrop. Allowlisted users who have contributed to the ecology could purchase SUI from a pool at a very low price. Ordinary users could also buy at a higher price through a lottery. Binance has not announced the listing news.

In September last year, Sui development team Mysten Labs completed $300 million in financing, and FTX Ventures led the investment with Coinbase, Jump, a16z, Circle, Binance, and others.

These events have generated significant interest in SUI tokens and the associated ecosystem. While the official website notes that American citizens cannot purchase the tokens, many others around the world have been eager to participate in this exciting opportunity.

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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