FTX bankruptcy saga continues: debtors agree to sell $95M Mysten Labs stake, the company behind suiNetwork.
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.
“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,” said the filing.
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