SUI is a standout altcoin with impressive price growth, surpassing Bitcoin and Ethereum over the past year.
The strong development of SUI continues in 2024, attracting attention not only due to price increases but also because of unexpected developments related to the buying and selling of Tokens by major investors.
MAIN CONTENT
SUI has seen an outstanding price increase of 389.3% in the past year, outperforming Bitcoin and Ethereum.
FTX sold back 888 million SUI Tokens at a loss of billions of USD before the Tokens officially launched.
Mysten Labs has effectively managed Token development through buyback strategies, reinforcing the project's position.
What has FTX lost by selling SUI too early?
According to recent court filings, FTX acquired ownership of 888 million SUI Tokens for just 1 million USD, and an additional investment of 101 million USD to reach a total of 1.6 billion Tokens.
In March 2023, they sold all of their SUI Tokens back to Mysten Labs for just 96 million USD, only a few months before SUI's mainnet launch in May. With the current price of SUI around 4.09 USD, this amount of Tokens is valued at approximately 3.55 billion USD, and the total of 1.6 billion Tokens is estimated at over 6.46 billion USD, causing a massive opportunity loss for FTX.
FTX's premature sale of SUI Tokens illustrates how urgent financial situations can lead to significant investment decision failures, especially in the highly volatile cryptocurrency market.
Nguyễn Văn Hùng, Cryptocurrency Analyst, 2025
Why did FTX choose to sell SUI Tokens as soon as they became available?
The sell-off of SUI by FTX stemmed from a financial crisis when this exchange faced turmoil due to mass withdrawals from customers and scandals with Alameda Research. They needed cash quickly to pay creditors, forcing them to sell Tokens at a low price.
Many experts believe FTX could have gained significantly more if they had patiently waited until SUI officially launched its Tokens, when prices began to rise sharply and garnered community interest.
What technological strengths make SUI appealing?
The underlying technology of SUI stands out with a unique object architecture that enhances scalability and optimizes transaction performance. The daily transaction volume is steadily increasing, along with the ever-growing TVL in the system, indicating positive reception from developers and investors.
This technological factor has played a crucial role in SUI's sustainable price increase in 2024.
Why has Mysten Labs succeeded with its Token buyback strategy?
Mysten Labs was smart to buy a large amount of SUI Tokens from FTX, reinforcing control and stabilizing the initial distribution of Tokens during a critical development phase.
This strategy helps them better control the project's development, contributing to the long-term success of SUI.
"The buyback of Tokens from major investors is a strategic move that helps Mysten Labs maintain its vision and effectively control the project."
Trần Thị Mai, CEO of Blockchain Research Unit, 2025
Frequently Asked Questions
How much has SUI increased in price over the past year?
SUI has increased by 389.3% in one year, far surpassing Bitcoin at 85.9% and Ethereum at 6.5% in value growth.
Why did FTX sell such a large amount of SUI Tokens so early?
FTX needed cash for payments during the crisis, so they sold SUI Tokens at a low price, resulting in lost profit opportunities.
What technology sets SUI apart?
The object architecture helps SUI enhance scalability and transaction performance, along with a strong increase in TVL indicating solid development potential.
What strategy has Mysten Labs applied to SUI Tokens?
They executed a buyback of Tokens from FTX, helping to better control distribution and long-term project development.
What is the current value of the SUI Tokens that FTX once owned?
Approximately 3.55 billion USD for 888 million Tokens at the current price of 4.09 USD per Token.
Source: https://tintucbitcoin.com/sui-tang-manh-sau-ftx-ban-ra/
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