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Mystens Labs Acquires FTX’s Private Shares
Mystens Labs bought back private shares of the bankrupt cryptocurrency exchange FTX.
FTX’s litigation process continues in the US. However, it was announced that FTX intends to relaunch the exchange in the second half of 2023.
Mystens Labs Acquires FTX Rights
FTX invested in Mysten Labs less than a year ago and now Mysten Labspaid $96 million to buy back FTX’s equity stake and Sui tokens.
The buyback process was approved by the US Bankruptcy Court and was part of FTX’s bankruptcy proceedings. This process will allow Mysten Labs to focus on the Sui Blockchain and allow it to further invest in the Sui project.
Co-Founder and CEO of Mysten Labs Evan Chengsaid the following in a statement about the buyback process:
“We are very pleased to conclude this process, which demonstrates the tremendous faith we have in our capabilities, technology and subsidiaries.”
Cheng also pointed to Mysten Labs’ Sui Blockchain and other Blockchain “The buyback process is fully in line with our company’s strategic vision,” he said, emphasizing his commitment to his projects.
