CandleFocus

SUI stake that FTX sold for $96 million is now worth $4.6 billion

Author: Content Editor
The bankrupt exchange FTX has suffered a significant loss due to the performance of the SUI token. The token, which reached a market cap of $16 billion and a price of $5.20, is now worth $4.6 billion, resulting in a loss for FTX. FTX had sold 890 million SUI tokens for $96 million to Mysten Labs in March 2023 but is now missing out on potential gains from keeping the stake. FTX has not yet started paying back creditors, and distribution of funds is expected to take place in February or March. Creditors in the Convenience Class will be paid first, while other classes' payment dates will be announced later. FTX is also pursuing legal action against former executives, including co-CEO Ryan Salame, accusing them of fraud and improper banking activities. Salame's release date has been moved up, and he is also accused of using political donations to buy influence for FTX.

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