Mar 24, 2023

Friday, 24/03/2023 | 10:17 GMT FTX debtors recently agreed to recover $460 million from Modulo Capital. 0 Bankrupt crypto exchange FTX has agreed to sell Mysten Labs Inc. preferred shares back to the Web3 startup for $95 million, according to the fillings at the U.S. Bankruptcy Court in Delaware on Thursday. The startup will additionally acquire SUI tokens worth $1 million. FTX Led $300M Mysten Labs Funding Round The debtors of FTX have already approved the proposed sale, which is now pending higher bids and court permission. FTX and Mysten agreed to release the claims mutually. “The Debtors carefully considered and analyzed the offer as set forth in the Agreement in comparison to its other options and concluded that a sale of the Interests will result in obtaining maximum value for the Interests, and is in the best interests of the Debtors’ estates and creditors,” the court filing stated. “The Purchase Price is equal to approximately 95% of the amount FTX Ventures had originally invested in the Preferred Stock of Purchaser-Subject Company, plus 100% of the amount Sellers paid for the SUI Token Warrants.” Keep Reading Alameda, which was the trading arm of the collapsed FTX empire, also filed a lawsuit against crypto asset manager Grayscale for the recovery of $250 million , which will be used to compensate FTX’s debtors and creditors. Meanwhile, a U.S. court also approved the sale of four FTX subsidiaries , which operated independently from the tainted parent organization. These entities are CFTC-regulated derivatives exchange LedgerX LLC, the equities-trading platform Embed Technologies, FTX Japan Holdings, and FTX Europe. Bankrupt crypto exchange FTX has agreed to sell Mysten Labs Inc. preferred shares back to the Web3 startup for $95 million, according to the fillings at the U.S. Bankruptcy Court in Delaware on Thursday. The startup will additionally acquire SUI tokens worth $1 million. FTX Led $300M Mysten Labs Funding Round The debtors of FTX have already approved the proposed sale, which is now pending higher bids and court permission. FTX and Mysten agreed to release the claims mutually. “The Debtors carefully considered and analyzed the offer as set forth in the Agreement in comparison to its other options and concluded that a sale of the Interests will result in obtaining maximum value for the Interests, and is in the best interests of the Debtors’ estates and creditors,” the court filing stated. “The Purchase Price is equal to approximately 95% of the amount FTX Ventures had originally invested in the Preferred Stock of Purchaser-Subject Company, plus 100% of the amount Sellers paid for the SUI Token Warrants.” Keep Reading