Mystens Labs has bought back private shares of bankrupt cryptocurrency exchange FTX.
FTX’s lawsuit continues in the USA. However, it has been announced that FTX is considering restarting the exchange in the second half of 2023.
Mystens Labs Bought FTX Rights
FTX invested in Mysten Labs less than a year ago and now Mysten Labspaid $96 million to repurchase FTX’s equity stake and Sui tokens.
The buyback was upheld by the US Bankruptcy Court and was part of FTX’s bankruptcy proceedings. This transaction 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 in a statement about the buyback:
“We are delighted to conclude this transaction, which expresses the immense confidence we have in our capabilities, technology and partnerships.”
Cheng also contributes to Mysten Labs’ Sui Blockchain and other BlockchainEmphasizing his commitment to his projects, he said, “The buyback process is fully compatible with our company’s strategic vision.”
