Debtors of collapsed cryptocurrency exchange FTX filed a motion in bankruptcy court Thursday, seeking to sell a multimillion-dollar stake in the Web3 firm Mysten Labs back to the Delaware-based startup.

The Mysten Labs offer comprises $95 million in preferred stock and $1 million worth of SUI token warrants—a financial derivative that grants its holder the right to purchase tokens at a given price under certain conditions.

Mysten Labs is building a proof-of-stake blockchain called Sui and an open-source programming language called Move. Mysten Labs’ developer network for Sui is live, with a full launch slated for the second quarter of this year.

FTX began building up its stake in Mysten Labs last August, a few months before the swift implosion of Sam Bankman-Fried’s crypto empire. The sale of its assets related to Mysten Labs represents an effort to maximize relief for debtors by current CEO John Jay Ray III, who took over FTX when it filed for Chapter 11 bankruptcy last November.

FTX’s venture arm had led Mysten Labs’ Series B funding round. Mysten Labs announced that it had raised $300 million at a valuation of $2 billion, tapping firms as backers such as Andreessen Horowitz, Binance Labs, Coinbase Ventures, Circle, Franklin Templeton, and Samsung Next.

The funding round in Mysten Labs helped the digital assets industry retain its status in Q3 2022 as a lead

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Author: André Beganski

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