FTX’s interim administration proposed a deal where Mysten Labs and the company would agree to a mutual waiver. As part of the agreement, FTX will sell about $95 million worth of shares to Mysten in addition to $1 million worth of SUI tokens. The deal is likely to be approved by the court.
“The purchase price is approximately 95% of the amount that FTX Ventures originally invested in the shares of the acquiring company,” the court documents say.
FTX Ventures acquired the shares in a funding round that Mysten announced in September 2022. The investment was made before FTX filed for bankruptcy in November.
FTX previously reached an agreement to recover more than $400 million from Bahamas-based hedge fund Modulo Capital. Modulo agreed to pay $404 million and waive claims for $56 million in assets held on FTX. Thus, the exchange received 97% of the assets that firms sent to the hedge fund for 2022.
Source: Bits
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