SUI surpassed Bitcoin and Ethereum in 2024, reaching $4.09 amid the adoption of defi and an increase in strong foundations.
FTX’s $6.4 billion SUI MISS: FTX sold SUI stake in 2023 for $96 million.
SUI is now one of the hottest altcoins in the crypto space. Over the past year alone, it recorded a 389.3% jaw drop gain, leaving even Bitcoin and Ethereum, rising by 85.9% and 6.5%, respectively.
The momentum has not slowed down. Over the past 30 days, SUI prices have skyrocketed 41.2%, reaching $4.09 at the time of writing. And since its launch in 2024, SUI has risen by more than 427%, making it one of the top performance assets of the year.
But what’s attracting as much attention as the price rallies are shocking details from a recent court filing involving FTX.
FTX’s expensive SUI trading: $1 billion mistake
Before it collapsed, FTX signed a deal to acquire a large stake in SUI. The court filing reveals that the bankrupt exchange will secure SUI token rights for just $1 million, plus an additional $110 million investment, with access to up to 1.6 billion SUI tokens.
The shocking part? FTX sold the entire SUI shares of token creator Mysten Labs for just $96 million in March 2023, two months before SUI launched the mainnet.
Given the price of today’s $4.09, the original stash of 888 million tokens is worth more than $3.555 billion, while the 1.6 billion shares valued at over $6.466 billion. In hindsight, it was a transaction that costly on the opportunity to miss billions of dollars in exchange.
Did you know that SBF has earned the rights to a $888 million SUI token for just $1 million?
This was a side deal for a larger $110 million investment, but all confirmed in court documents.
Fast forward today: $SUI is trading at ~$4.04 per token. That side position alone is worth $3.59 billion.
But…pic.twitter.com/2c5qaijej5
– Simon (@simononchain) July 16, 2025
Why did FTX sell so quickly?
The answer lies in the urgency surrounding its downfall. After the collapse caused by the withdrawal of clients and the Alameda research scandal, FTX has been rushing to raise funds for creditor repayment. The sale of tokens was a quick fix in their eyes.
Moreover, many believe that the exchange has benefited significantly from the exchange if they simply waited for the token to be fired. A few weeks after the contract, on May 3, 2023, the SUI token was officially launched, and its prices began to rise steadily, driven by a strong basic.
- Read again:
- FTX will lift the $30.9 million presence in SOL, but will Solana remain strong?
- ,
The basics of SUI are attracting attention
Sui’s explosive growth isn’t just about hype. The underlying technology includes a unique object-based architecture designed to improve scalability. Furthermore, this protocol has significantly increased daily trading, defi adoption, and institutional interest.
Total Value Locked (TVL) is another signal that developers and investors take their projects seriously, and will help explain its powerful price action throughout 2024.
Mysten Labs played it correctly
While FTX’s move is considered a loss, Mysten Labs looks strategic. The decision to buy back SUI tokens from FTX not only protected the early distribution of tokens, but also allowed for increased control during critical development stages.
This case shows how well-timed buybacks by project creators can have an impact on the long-term success and stability of tokens.
