The new management at FTX, which filed for bankruptcy
protection in November, has been trying to recover assets to
clear liabilities.
The company on Wednesday reached a deal to recoup more than
$400 million in cash from hedge fund Modulo Capital.
(Reporting by Niket Nishant in Bengaluru
Editing by Vinay Dwivedi
Editing by Vinay Dwivedi)
March 23 (Reuters) - Bankrupt cryptocurrency exchange
FTX said on Thursday it would sell its stake in Web3-focused
startup Mysten Labs for $95 million, as it strives to pay back
its customers.
The exchange had paid nearly $101 million last year for
preferred shares of Mysten and led a funding round that valued
the platform which provides infrastructure for Web3 adoption at
more than $2 billion.
Web3 refers to a version of the internet that is
decentralized, and operates on blockchain technology.
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