Creditors of the collapsed cryptocurrency exchange FTX have agreed to an offer to sell their preferred shares Mysten Labsthe developer of the Sui blockchain.

A document dated March 22nd filed with the US Bankruptcy Court in the District of Delaware outlines a proposed agreement between FTX creditors and Mysten Labs that includes a mutual release of claims.

As part of the transaction, creditors intend to sell back approximately $95 million worth of preferred shares to Mysten along with $1 million worth of SUI tokens.

According to the filing, “The Debtors have carefully considered and analyzed the Offer set out in the Agreement in comparison to its other options and have concluded that a sale of the Holdings will result in maximum value for the Holdings and at best Interest of is the property and creditor of the debtor.”

It goes on to say, “The purchase price represents approximately 95% of the amount that FTX Ventures originally invested in the preferred shares of the buyer-subject company, plus 100% of the amount that the sellers paid for the SUI token warrants.”

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Completion of the agreement is subject to court approval and the potential for competing bids for the shares.

FTX Ventures acquired the stock during Mysten’s $300 million funding round in September 2022, which took place before FTX filed an application Chapter 11 bankruptcy in November.

On the same day, FTX creditors announced their intention to reclaim $460 million in user funds Venture capital firm Modulo Capital.

Creditors argued that the investment came from Alameda Research, led by the former FTX CEO Sam Bankman Friedconstituted misappropriation of funds.

Bankman-Fried has faced multiple federal indictments related to alleged fraud during his tenure as CEO and has entered a criminal proceeding Plea of ​​not guilty to all charges.

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