Thank you for providing this news update. It seems that Mysten Labs, a blockchain startup, is in the process of buying back its shares and warrants from FTX, a cryptocurrency exchange that is currently undergoing bankruptcy proceedings.
Under the proposed agreement, Mysten Labs would buy back approximately $95 million worth of shares and $1 million worth of SUI tokens from FTX in exchange for a mutual waiver.
This deal is likely to be approved by the court, and the purchase price is approximately 95% of the amount that FTX Ventures originally invested in the acquiring company’s shares.
It is interesting to note that FTX had previously reached an agreement with hedge fund Modulo Capital to recover over $400 million in assets.
As part of that agreement, Modulo Capital agreed to pay $404 million and waive claims for $56 million in assets held on FTX. This allowed FTX to recover 97% of the assets that firms had sent to Modulo Capital in 2022.
Overall, it seems that both FTX and Mysten Labs are taking steps to resolve their financial situations through mutually beneficial agreements.