FTX, a cryptocurrency exchange that is trying to recover assets to repay debts, has once again received good news. Mysten Labs, the developer of the emerging public chain Sui, reached an agreement with the FTX bankruptcy liquidation team on the 22nd, agreeing to repurchase FTX's previous equity investment in Mysten Labs and SUI token subscription warrants for US$96.3 million in cash.

According to court documents from the Delaware Bankruptcy Court, Mysten Labs, the developer of the emerging public chain Sui, reached an agreement with the FTX bankruptcy liquidation team on the 22nd to repurchase FTX's previous equity investment in Mysten Labs and SUI token subscription warrants for US$96.3 million in cash.

The court document stated: After thoroughly evaluating various options, with the assistance of investment bank Perella Weinberg Partners, the FTX Debtors decided to work with the Buyer to strive to reach a mutually agreeable transaction... The Debtors will continue to promote interest in the sale of the relevant assets to confirm that no higher, better offers will emerge in the coming weeks.

Coindesk reported that the FTX bankruptcy liquidation team can continue to "seek higher offers from other third parties" until the court finally determines the sale date.

In August last year, Mysten Labs completed a $300 million Series B financing round with a valuation of $2 billion, led by FTX Ventures, with participation from a16z Crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, and A&T Capital.

According to court documents, FTX Ventures invested $101 million in Mysten Labs in this round of financing, and obtained approximately 570,000 preferred shares of Mysten Labs and approximately 890 million SUI token subscription warrants. FTX paid approximately $101 million for equity investment and an additional $1 million for token subscription warrants. Mysten Labs issued a repurchase offer to the FTX bankruptcy liquidation team on March 16. According to court documents, the FTX bankruptcy liquidation team believes that this is an attractive offer that will enable the debtor to recover a large amount of the debtor's investment value.

FTX actively seeks to recover assets

Since FTX entered bankruptcy reorganization procedures in November last year, it has been led by new CEO John Ray III, who has been trying to track the whereabouts of FTX's lost funds. The FTX bankruptcy liquidation team released a liquidation report earlier this month showing that the total outstanding cryptocurrency assets of users are about $11.6 billion, but currently only about $2.7 billion in assets have been found, with a funding gap of up to $8.9 billion. The FTX liquidation team just reached an agreement with Modulo Capital, a hedge fund that had received $400 million in investment from Alameda Research, earlier this week. Modulo Capital is willing to return $400 million in cash and give up the right to claim $56 million in assets held in FTX.

The New York Attorney General's Office issued a notice in February, requiring nearly 200 members of Congress who had received donations from FTX founder SBF or other executives of the company to return the donations because the donations represented SBF's criminal proceeds and could be recovered under the Federal Asset Forfeiture Act and used to compensate the victims of SBF's crimes.