Did FTX Just Lose Billions on SUI? Wait Until You Hear This!

Ah, SUI! The momentary darling of the crypto world, rising faster than my neighbor’s dog runs when it spots a squirrel. With a spectacular jump of 389.3% in the last year, it’s outpacing Bitcoin and Ethereum faster than I can dodge my calories at a dessert buffet.

And the absurdity doesn’t end there! SUI has decided to practically moonwalk over to its own personal 41.2% price increase within the last month, now strutting around at an impressive $4.09 per token. If this is what 2024 looks like, I can’t wait for the sequins! 💃

But hold on to those overpriced popcorns because the real drama unfolds in a courtroom, not a crypto-camper’s convention. 🎬

FTX’s Costly SUI Deal: A Billion-Dollar Mistake

Before heading to the great exchange in the sky, FTX negotiated like a seasoned flea market haggler to snag a hefty chunk of SUI. They locked in rights for 888 million tokens for a meager $1 million. A mere scratch-off ticket explained only in court docs. But, oh, the irony! In March 2023, mere weeks before SUI would launch its mainnet, FTX resold that pile of tokens to Mysten Labs for a scant $96 million. Talk about a major case of buyer’s remorse! 🙈

Fast forward to today, and that modest stash of 888 million tokens? It’s now worth a staggering $3.55 billion. And if you dare to glance at the whole 1.6 billion stake… drumroll, please… over $6.46 billion. This was less of a deal and more of a financial meltdown waiting to happen! 💥

Why Did FTX Sell So Early?

Desperation, my friends! After the great blow-up from customers racing to withdraw their funds and the Alameda Research scandal erupting like my Aunt Karen at the family reunion, FTX found themselves scrambling faster than I do when the ice cream truck rolls past. They thought they were pulling a quick one with that token sale, but little did they know it would go down as one of history’s “Oops!” moments. 🙃

You know what’s really juicy? Just weeks after they cut their losses, on May 3, 2023, the SUI token officially launched and started climbing like that one relative on Thanksgiving who claims they can still dunk a basketball.

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SUI’s Fundamentals Are Winning Attention

Now, don’t be fooled into thinking this wild price action is sheer luck. SUI is backed by a unique technology that’s practically a magician’s trick in the blockchain world! Who knew object-based architecture would turn out to be the hot new trend? 🪄 It’s been pulling in daily transactions and catching the eyes of DeFi enthusiasts like they’re recruiting for an all-star team. Their rising Total Value Locked (TVL) is practically waving a banner saying, “Invest here, please!”

Mysten Labs Played It Right

While FTX finds themselves in the crypto hall of shame, Mysten Labs played the situation like a finely tuned violin. By repurchasing those SUI tokens, they not only salvaged early distribution but also strengthened their hold during a pivotal development phase. Kudos to them for leveling up while FTX was stuck in beginner mode! 🎼

FAQs

Why is the SUI price going up so fast?

SUI is gaining momentum due to its innovative object-based blockchain architecture, creeping developer activity like an overzealous cat, and a growing DeFi ecosystem. Plus, the All-Seeing Institutional Interest is adding its blessings with a sprinkle of magic. Its Total Value Locked (TVL) has skyrocketed recently, making it more attractive than last year’s holiday fruitcake!

What was the FTX and SUI deal all about?

FTX snagged early access to around 1.6 billion SUI tokens for the eye-rolling sum of $102 million. But in a plot twist worthy of a Netflix series? They sold it back to Mysten Labs, pocketing only $96 million just weeks before SUI’s mainnet launch. While they were counting their blessings, SUI soared out of reach, and in today’s market, those holdings would now be worth over $6.4 billion. Oops!

Who owns the majority of SUI tokens now?

While Mysten Labs remains the key player, they’ve repurchased a significant chunk from FTX. The rest are sprinkled across exchanges, validator rewards, and community incentives, like Christmas confetti.

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2025-07-18 13:55