SUI surpassed Bitcoin and Ethereum in 2024, reaching $4.09 amid the adoption of defi and a rise in sturdy foundations.
FTX's $6.4 billion SUI MISS: FTX bought SUI stake in 2023 for $96 million.
SUI is now one of many hottest altcoins within the crypto area. Over the previous yr alone, it recorded a 389.3% jaw drop achieve, leaving even Bitcoin and Ethereum, rising by 85.9% and 6.5%, respectively.
The momentum has not slowed down. Over the previous 30 days, SUI costs have skyrocketed 41.2%, reaching $4.09 on the time of writing. And since its launch in 2024, SUI has risen by greater than 427%, making it one of many high efficiency belongings of the yr.
However what's attracting as a lot consideration as the value rallies are stunning particulars from a latest courtroom submitting involving FTX.
FTX's costly SUI buying and selling: $1 billion mistake
Earlier than it collapsed, FTX signed a deal to accumulate a big stake in SUI. The courtroom submitting reveals that the bankrupt trade will safe SUI token rights for simply $1 million, plus an extra $110 million funding, with entry to as much as 1.6 billion SUI tokens.
The stunning half? FTX bought all the SUI shares of token creator Mysten Labs for simply $96 million in March 2023, two months earlier than SUI launched the mainnet.
Given the value of at present's $4.09, the unique stash of 888 million tokens is price greater than $3.555 billion, whereas the 1.6 billion shares valued at over $6.466 billion. In hindsight, it was a transaction that pricey on the chance to overlook billions of {dollars} in trade.
Do you know that SBF has earned the rights to a $888 million SUI token for simply $1 million?
This was a facet deal for a bigger $110 million funding, however all confirmed in courtroom paperwork.
Quick ahead at present: $SUI is buying and selling at ~$4.04 per token. That facet place alone is price $3.59 billion.
However…pic.twitter.com/2c5qaijej5
– Simon (@simononchain) July 16, 2025
Why did FTX promote so rapidly?
The reply lies within the urgency surrounding its downfall. After the collapse attributable to the withdrawal of shoppers and the Alameda analysis scandal, FTX has been speeding to boost funds for creditor compensation. The sale of tokens was a fast repair of their eyes.
Furthermore, many imagine that the trade has benefited considerably from the trade in the event that they merely waited for the token to be fired. Just a few weeks after the contract, on Might 3, 2023, the SUI token was formally launched, and its costs started to rise steadily, pushed by a powerful primary.
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The fundamentals of SUI are attracting consideration
Sui's explosive progress isn't nearly hype. The underlying expertise features a distinctive object-based structure designed to enhance scalability. Moreover, this protocol has considerably elevated each day buying and selling, defi adoption, and institutional curiosity.
Complete Worth Locked (TVL) is one other sign that builders and traders take their tasks critically, and can assist clarify its highly effective worth motion all through 2024.
Mysten Labs performed it accurately
Whereas FTX's transfer is taken into account a loss, Mysten Labs appears to be like strategic. The choice to purchase again SUI tokens from FTX not solely protected the early distribution of tokens, but in addition allowed for elevated management throughout essential improvement levels.
This case exhibits how well-timed buybacks by mission creators can have an effect on the long-term success and stability of tokens.
