FTX to Sell Mysten Labs Stake Back to Company for $95 Million

Mysten Labs Inc., a crypto startup founded by ex-Meta Platforms Inc. employees, has agreed to buy back a stake in the company held by FTX Group for about $95 million.

FTX Ventures, the venture capital arm of the bankrupt crypto empire, bought Series B preferred shares in Mysten when it led a funding round last year that valued the startup at more than $2 billion, according to court papers. Investors including a16z crypto, Binance Labs and Apollo Global Management also participated in the capital raise.

FTX purchased the shares in two slugs for about $101 million ...