Mysten Labs and FTX Deal for $96M Shares and Tokens

Mysten Labs, the developer team of Sui Blockchain (SUI), will repurchase rights for $95 million in exchange for a $101 million investment from bankrupt cryptocurrency exchange FTX.

FTX on March 22 to the Delaware Court in his statement, Mysten Labs and submitted an agreement to the court’s decision, which decided to terminate their mutual receivables.

According to the agreement, Mysten Labs acquired from FTX in September of last year. 101 million dollar fund 96.3 million given to the exchange in exchange for returning his dollar 570 thousand preferred stock and not yet released SUI from token 890 million units buy right will take it back.

of Mysten Labs 96.3 million investment in dollars $95.3 million when creating stocks 1 million dollars The other part is SUI tokens.

The statement discloses FTX creditors’ assets in Mysten Labs. to other companies also he offers However, when the bids are examined mutually, most efficient offer of MystenLabs what you do seen transferred. The offer made by Mysten Labs is the amount paid in stocks. 95% of the amount paid to token warrants 100% of that it is given back underlined.

FTX CEO Jhon J. Ray bankruptcy In the agreement carried out within the scope of the rescue efforts of the crypto money exchange, to the court decision And until the sale is finalized until FTX is willing to receive offers from other companies for existing assets. can continue specified.

The bankrupt cryptocurrency exchange stated in another statement on the same day that a Bahamas-based company to the hedge fund made initial investment take back agreement submitted for approval.

source site-9