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SUI, introduced by Mysten Labs, has indisputably become the most discussed cryptocurrency in recent days. Generating considerable curiosity and conversation even prior to its listing, SUI has proven that its debut was well worth the anticipation. Listed on numerous cryptocurrency exchanges and commencing with a substantial upswing, SUI is now associated with a peculiar occurrence.
Cards Reshuffled in SUI and FTX Transaction
Though the FTX cryptocurrency exchange, which utilized user funds and declared bankruptcy, is currently fading from memory, an intriguing SUI-FTX transaction recently transpired. Mysten Labs orchestrated a significant move to repurchase the SUIs it had previously sold to FTX during pre-funding. Last month, FTX sold 890,000,000 SUIs to Mysten Labs for $96 million. Many perceived this transaction as a triumph for FTX, considering that FTX initially acquired this quantity of SUI for $101 million. However, the situation has since reversed.
Unfavorable News for FTX Creditors
Regarding the matter, Tracy Wang underscored that the aggregate value of the SUIs that FTX resold equates to $1.1 billion when calculated based on SUI’s fully diluted valuation (FDV) of $12.8 billion. This reveals that FTX actually sold $1.1 billion worth of SUI holdings for a mere $96 million. Wang, implying that those entitled to receive from FTX are adversely impacted by this scenario, is not mistaken. In addition to this intriguing revelation, Wang disclosed that FTX initially purchased a 5% stake in Mysten but retains 8.9% token rights.
Conversely, SUI has surpassed the value stated by Wang and maintains its ascent. Within the last 24 hours, SUI has appreciated 12% against BTC, attaining a level of $1.32. The cryptocurrency, with a trading volume exceeding $1 billion in 24 hours, has reached a total value of $700 million, contingent upon the currently circulating supply. SUI’s journey, commencing yesterday, persists today at over ten times the pre-sale price. As the price escalates, FTX creditors appear increasingly discontented with the situation.
