FTX News: The defunct crypto exchange FTX has officially stated that it has achieved an agreement to sell preferred shares in Mysten Labs for about $95 million, a company that was created by former Meta executives. As the lead investor in a financing round last year that valued Mysten at over $2 billion, FTX Ventures — the VC arm of the defunct crypto empire — purchased its Series B preferred shares.
FTX Sells Mysten Shares
A court filing confirmed that as part of the settlement, FTX and Mysten waived all claims they had against one another. In a funding round that raised around $300 million in August, FTX Ventures bought Mysten’s preferred shares for close to $101 million.
Read More: Arbitrum’s (ARB) Price Plummets By 90% From IOU Value Amid Mass Sell-Off
Since the cryptocurrency company FTX filed for bankruptcy in November, its creditors are engaged in a heated battle over the assets held by FTX and its affiliated companies. Sam Bankman-Fried, who was one of the company’s co-founders, made consistent investments in a wide variety of asset classes through his company, FTX. These asset classes included private and public companies, investment funds, and crypto platforms.
FTX Lawyers In Recovery Mode
Bitget is a Leading Derivatives Trading Platform. Sign up & Trade Digital Asset! Join Now Ad
Headed by John J. Ray III, the new management team that is guiding FTX through bankruptcy announced on Wednesday that it has struck a settlement to recoup $400 million and above from Modulo Capital — a trading firm domiciled in the Bahamas and financed by Alameda Research. According to the court documents that were submitted a day back, Alameda had invested $450 million in Modulo last year.
AVAX Price Prediction: Increasing Supply At Key Resistance Puts Avalanche Coin On 15% Downside Risk24/7 Cryptocurrency News Top 3 NFT Tokens To Boost Your Portfolio Amid Ongoing Market Recovery24/7 Cryptocurrency News SHIB Price Prediction: Shiba Inu Coin is Coiling Up for a Massive Upside Move; Enter Now?24/7 Cryptocurrency News ADA Price Prediction: Cardano Price Sees a 5-6% Pullback Before The Next Recovery Cycle Begins24/7 Cryptocurrency News ETH Price Prediction: Here’s When Ethereum Coin May Start Its Next Recovery Cycle24/7 Cryptocurrency News
Sam Bankman-Fried, the erstwhile CEO of FTX is accused by federal prosecutors of stealing billions of dollars worth of customer funds and of misleading investors and institutions. He has entered a not-guilty plea to accusations relating to violations of campaign funding laws, and conducting fraudulent operations in the securities & commodities markets, among other allegations.
