The debtors for defunct crypto exchange FTX have approved an agreement that would sell its preferred stock in Mysten Labs, the company behind the Sui blockchain.

In a March 22 filing in United States Bankruptcy Court in the District of Delaware, FTX debtors proposed a deal in which Mysten Labs and the company would agree to a mutual release of claims. As part of the agreement, the debtors planned to sell roughly $95 million worth of preferred stock back to Mysten in addition to $1 million in SUI tokens.

The deal is seemingly subject to court approval as well as the possibility of other bids on the stock before being finalized. FTX Ventures acquired the stock as part of a $300 million funding round with Mysten announced in September 2022. The investment also came prior to FTX filing for Chapter 11 bankruptcy in November.

(by TURNER WRIGHT)