FTX debtors agree to $95M sale of stake in Mysten Labs By Cointelegraph

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FTX debtors agree to $95M sale of stake in Mysten Labs

Published Mar 23, 2023 03:47PM ET Updated Mar 23, 2023 05:20PM ET

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FTX debtors agree to $95M sale of stake in Mysten Labs

The debtors for defunct crypto exchange FTX have approved an agreement that would sell its preferred stock in Mysten Labs, the company behind the Sui blockchain.

In a March 22 filing in United States Bankruptcy Court in the District of Delaware, FTX debtors proposed a deal in which Mysten Labs and the company would agree to a mutual release of claims. As part of the agreement, the debtors planned to sell roughly $95 million worth of preferred stock back to Mysten in addition to $1 million in SUI tokens.

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