FTX bankruptcy lawyers sold SUI at bargain prices missing out at potentially 9 figures in profit

Liquidators/bankruptcy lawyers are proving yet again their ineptitude when it comes to navigating crypto restructuring. Between Celsius lawyers casually ignoring a $7M claim in the Voyager bankruptcy, and FTX lawyers withdrawing collateral and liquidating defi positions its been a struggle.

SBF and crew invested in SUI in August 2022 in their funding round for the price tag of $99M. In this Series B stock sale they received >560k shares and token warrants for ~884M SUI from Mysten Labs. So disregarding the Series B equity that would be an average token price of ~$0.11. As of a few months ago Mysten Labs repurchased stock/token warrants for just $96M, a small loss but its totally illiquid right?…right?

Well, on paper those SUI tokens would be selling for $1.14B. Yes, you have to keep in mind diluted value and liquidity but conservatively the profit couldve been upwards of hundreds of millions especially including the Series B equity. Hell, they couldve set up a validator and accrued tons of rewards passively or deployed on a lending protocol or something. They would be the biggest validator by almost a factor of 3 with APY of 8%, you do the math. Of course thats a bet on the project, but what was the rush to sell something supposedly very illiquid only a few months from going live? Regardless of whether the token is a shitcoin its already top 75 in MC and climbing, it feels as if FTX was either rushed into the sale or were betting on an absolute flop (its -36% and still pulling these numbers).

This feels like creditors got fleeced. I dont think the bankruptcy court has approved the sale yet and id be shocked if it went through, maybe the estate factored that into their decision that they would have time to walk it back. Will give them the benefit of the doubt for now but to take a small loss on something with these figures is astonishing to me. They dont need the runway, they have plenty of liquidity according to fee examiners and the estate. They need to go back to the bargaining table ASAP.