FTX Sells Back Stake in Mysten Labs: Report
The sale is part of a series of funding clawbacks that FTX is attempting, to varying degrees of success. Yesterday, lawyers from the FTX Group announced their intention to settle out of court with Modulo Capital, a measure that effectively wiped the VC firms’ books by about 99%. Today, in another bid to raise as many funds as possible, FTX outlined intentions to sell its stake in Mysten Labs back to Mysten.
Unlike Modulo – a company whose capital seems to have been almost entirely FTX-sourced – Mysten Labs, the creators of the Sui blockchain, is a solid firm whose funding round last year saw it hit a valuation of $2 billion. The funding round in question was, indeed, led by FTX. However, the failed exchange was not the only big-league backer: a16z, Binance Labs, Franklin Templeton, Circle Ventures, Coinbase Ventures, and many more well-known firms also invested substantial amounts into Mysten Labs. At the time, FTX bought $1 million worth of SUI tokens and approximately $101 million worth of preferred stock in the company, according to Reuters.
Source
https://t.me/DeFi_Ethereum
