NCSoft's 'SUI Coin' Jackpot: Bought for $100 Million, Sold for $25.2 Billion

NCSoft's 'SUI Coin' Jackpot: Bought for $100 Million, Sold for $25.2 Billion

NCSoft's Lucrative Investment in SUI Coin South Korean gaming giant NCSoft has made a staggering profit from its investment in SUI, a cryptocurrency developed by Mysten Labs. According to the Blotter, NCSoft purchased SUI worth 100 million won ($75,000) in 2022 and sold 16,908,112 units at 1,490 won ($1.12) each, reaping sales proceeds of 25.2 billion won ($18.7 million). This represents a profit of over 250 times the initial investment in just six months. NCSoft had previously purchased 49,928,064 SUI for approximately 300 million won ($225,000), with a per-unit purchase price of 6 won ($0.004). Most of these coins were subject to a lock-up period, which expired in May 2023. NCSoft then sold 16,908,112 units, leaving 32,921,536 units still locked up and scheduled for unlock in May 2024 and 2025. In addition to acquiring SUI, NCSoft also invested 20.7 billion won ($15.4 million) in Mysten Labs, the developer behind SUI. Both the SUI purchase and the Mysten Labs investment were made through NCSoft's US subsidiary, NC West. NCSoft's profitable investment in SUI highlights the potential returns available in the cryptocurrency market. However, it's important to note that cryptocurrency investments are highly volatile and carry significant risks.