FTX sells stake in Mysten Labs for $95M.
TL;DR Summary
FTX debtors have agreed to sell their preferred stock in Mysten Labs, the company behind the Sui blockchain, for roughly $95 million, which is 95% of the amount FTX Ventures invested in a $300 million funding round in September 2022. The deal is subject to court approval and the possibility of other bids on the stock before being finalized. The debtors also plan to recover $460 million of user funds from venture capital firm Modulo Capital.
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- FTX to sell stake in Web3-focused Mysten Labs in push to shore up funds Reuters
- FTX Agrees to Sell Back Stake in Crypto Startup Mysten for $95 Million The Wall Street Journal
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