Mysten Labs, a startup associated with the Sui blockchain, will receive a stake in the project, including warrants for utility tokens, belonging to the FTX exchange going through bankruptcy proceedings. The transaction amount will be $96.3 million, writes CoinDesk.
In August 2022, the platform led Mysten Labs’ $200M Series B funding round. FTX received 570,000 preferred shares and ~890,000,000 token warrants, investing $102M.
The buyout agreement is in line with the strategy of the new CEO of the exchange, John Ray, to maximize payments to its creditors. In February 2023, a bankruptcy court in Delaware authorized the sale of certain assets to FTX in the category De minimis. A stake in Mysten Labs was on that list.
On March 16, the startup submitted an application to buy back its shares and warrants for tokens.
“Prior to the approval of the date of the transaction, creditors are ready to consider more advantageous offers from any third parties,” the document says.
In January 2023, the court allowed FTX to proceed with the sale of its business units in order to raise liquidity for settlements with creditors. The platform previously reported that LedgerX, Embed, FTX Japan, FTX Europe, and other companies in the group have generated interest from 117 organizations.
In March 2023, Alameda Research Ventures, an investment arm of FTX, entered into an agreement to sell a stake in venture capital firm Sequoia Capital to Abu Dhabi sovereign wealth fund for $45 million.
According to a presentation to the court in March, the exchange’s total asset shortfall to cover customer claims was $8.7 billion, and $1.6 billion in bitcoin.
Recall, on April 4, an auction will be held for the sale of the LedgerX cryptocurrency derivatives platform owned by FTX.
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Mysten Labs, a startup associated with the Sui blockchain, will receive a stake in the project, including warrants for utility tokens, belonging to the FTX exchange going through bankruptcy proceedings. The transaction amount will be $96.3 million, writes CoinDesk.
In August 2022, the platform led Mysten Labs’ $200M Series B funding round. FTX received 570,000 preferred shares and ~890,000,000 token warrants, investing $102M.
The buyout agreement is in line with the strategy of the new CEO of the exchange, John Ray, to maximize payments to its creditors. In February 2023, a bankruptcy court in Delaware authorized the sale of certain assets to FTX in the category De minimis. A stake in Mysten Labs was on that list.
On March 16, the startup submitted an application to buy back its shares and warrants for tokens.
“Prior to the approval of the date of the transaction, creditors are ready to consider more advantageous offers from any third parties,” the document says.
In January 2023, the court allowed FTX to proceed with the sale of its business units in order to raise liquidity for settlements with creditors. The platform previously reported that LedgerX, Embed, FTX Japan, FTX Europe, and other companies in the group have generated interest from 117 organizations.
In March 2023, Alameda Research Ventures, an investment arm of FTX, entered into an agreement to sell a stake in venture capital firm Sequoia Capital to Abu Dhabi sovereign wealth fund for $45 million.
According to a presentation to the court in March, the exchange’s total asset shortfall to cover customer claims was $8.7 billion, and $1.6 billion in bitcoin.
Recall, on April 4, an auction will be held for the sale of the LedgerX cryptocurrency derivatives platform owned by FTX.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
