<p><span style="font-weight: 400;">Mysten Labs, creator of the Layer 1 blockchain Sui, has repurchased an equity stake bought by FTX less than a year ago.</span></p> <p><span style="font-weight: 400;">The total buyback price of $96 million also includes “</span><span style="font-weight: 400;">all of FTX’s warrant rights to purchase Sui tokens,” Mysten said in a statement. The </span><span style="font-weight: 400;">Sui blockchain, developed at Meta, has </span><a href="https://www.theblock.co/post/214964/mysten-labs-ceo-evan-cheng-wants-to-do-web3-venture-capital-better"><span style="font-weight: 400;">garnered</span></a><span style="font-weight: 400;"> a significant amount of interest from investors. Since late 2021, the company has raised a total of $336 million, according to The Block Pro's Deals Dashboard.<br /> <br /> <a href="https://www.businesswire.com/news/home/20230414005397/en/Mysten-Labs-Completes-Repurchase-of-Stake-Held-by-FTX">FTX's investment in Mysten</a> was part of a $300 million Series B funding round from September 2022, according to the statement.</span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">“We are very pleased to close this transaction, which speaks to the tremendous confidence we have in our capabilities, technology and partnerships,” said Mysten Labs Co-Founder and CEO Evan Cheng.<br /> </span><span style="font-weight: 400;"><br /> </span><span style="font-weight: 400;">The buyback was part of FTX’s </span><span style="font-weight: 400;"><a href="https://www.theblock.co/post/225273/ftx-bankruptcy-bills">bankruptcy proceedings</a>, according to Mysten.</span><span style="font-weight: 400;"><br /> </span></p><br /><span class="copyright"><p>Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.</p> <p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>