On October 27, FTX announced that it has reached a settlement agreement with crypto trading platform Bybit, which will pay a settlement of $228 million, and FTX will withdraw the relevant litigation.
According to a settlement announced by the court, FTX will recover $175 million worth of digital assets from the Bybit platform, and Bybit's investment arm Mirana Corp. will acquire additional assets including BIT tokens for $53 million.
Previously, FTX had accused Bybit's associated accounts of transferring $327 million of assets on the eve of its collapse, making it impossible for other users to withdraw cash. Earlier this month, FTX's approved compensation plan is expected to allocate at least $12.60 billion to affected users. The compensation plan will be launched within 60 days of the effective date, the exact date has not been determined. (BeInCrypto)
FTX and Bybit reach a $228 million settlement to accelerate the return of customer funds
2024-10-27 13:36:37
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