SUI Token's Success and Its Impact on FTX Bankruptcy

user avatar

by Giorgi Kostiuk

2 years ago

The bankrupt cryptocurrency exchange FTX is once again in the spotlight following a surge in SUI token prices and developments in its creditors' repayment process.

SUI Token Price Surge

FTX creditor Sunil Kavuri highlighted a significant loss for the bankrupt exchange as the SUI token soared to $5.20 with a market cap of $16 billion. This means that the 890 million SUI tokens, which FTX sold for $96 million in March 2023, are now worth $4.6 billion. FTX sold this stake back to SUI network developer Mysten Labs just months after filing for bankruptcy.

FTX Creditors' Situation

Despite multiple reports claiming repayment, FTX has not yet commenced paying back its creditors. According to FTX, distributions are to be completed within 60 days from the effective date. However, the exchange lacks sufficient funds to meet all claims, complicating the repayment process.

Allegations Against Ryan Salame

While the repayment process is ongoing, FTX is also facing new legal actions. A recent filing accuses former FTX co-CEO Ryan Salame of orchestrating fraudulent schemes with Alameda Research. These allegations challenge his previous claims of non-involvement in the fraud.

As FTX grapples with legal and financial challenges, the situation remains complex and dynamic within the exchange and the broader cryptocurrency market.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

China Launches Investigation into AI Labs for Data Misuse

China has launched an investigation into AI labs DeepSeek and Moonshot AI for allegedly routing sensitive user data to Anthropics servers.

user avatarNguyen Van Long

Lion Group Holding Adds HYPE Tokens to Corporate Treasury

Lion Group Holding has disclosed a corporate treasury position of approximately 195,000 HYPE tokens, marking a significant move in corporate crypto asset holdings.

user avatarSatoshi Nakamura

Zcash ETP Gains Traction Amidst Market Surge

Zcash has seen a remarkable price increase this year, with gains exceeding 2,700%, fueled by the launch of the Zcash exchange-traded product (ETP) by 21Shares, providing a regulated way for investors to gain exposure to Zcash.

user avatarJesper Sørensen

21Shares Launches Europe's First Zcash ETP

21Shares has launched the first Zcash ETP in Europe, available on Euronext Paris and Amsterdam, with a 25% management fee.

user avatarRajesh Kumar

Valour Introduces AI-Driven Smart Crypto Fund SP

Valour has launched the Smart Crypto Fund SP, featuring an AI-driven allocation engine that dynamically adjusts exposure among major digital assets.

user avatarLucas Weissmann

US Spot Bitcoin ETFs Experience Nearly $1 Billion Inflows

On September 21, US spot Bitcoin ETFs recorded nearly $1 billion in net inflows, marking the largest single-session total of 2026.

user avatarEmily Carter

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.