Sui Developer Mysten Labs to Buy Back Equity, Token Warrants from FTX for $96M

According to a court filing, Mysten Labs, the developer behind Cosmos-based blockchain Sui, reached an agreement with FTX on Wednesday to purchase FTX's equity investment in Mysten Labs and $SUI token warrants for $96.3 million.

Last September, FTX Ventures led Mysten Labs' $300 million fundraise. It invested around $101 million in the round to receive about 570,000 shares of preferred equity in Mysten Labs and warrants to purchase up to about 890 million $SUI tokens. On March 16th, Mysten Labs offered to buy back the assets from FTX. But before the court finalizes a sale date, FTX can continue to seek better offers from any third party.