SUI has emerged as one of 2024’s top-performing cryptocurrencies, with a staggering 427% surge since January and a 41% jump in the last 30 days alone.
Trading at $4.09, it has easily outpaced Bitcoin and Ethereum, which posted far more modest gains.
But as SUI climbs, a court filing has revealed a jaw-dropping miscalculation by FTX. Before collapsing, the exchange secured rights to a massive chunk of SUI—888 million tokens for just $1 million, and access to 1.6 billion total for $101 million.
In March 2023, FTX sold its entire position back to SUI’s creator, Mysten Labs, for only $96 million—just weeks before the token’s mainnet launch.
At today’s price, that same stake would be worth over $6.4 billion.
The fire sale was part of FTX’s scramble to raise funds during its implosion. But had they waited until after the token’s release, the exchange might have recouped far more.
SUI’s rise isn’t just speculative hype. Its novel architecture, growing DeFi activity, and rising TVL have drawn investor attention. The fundamentals are solid, and institutional interest is building.
Meanwhile, Mysten’s buyback now looks like a masterstroke. By regaining early token control, the project ensured a stable launch and long-term strategic advantage—something FTX didn’t live to see.
Author
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
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