FTX reached a $228 million settlement with Bybit, ending a legal dispute involving allegations of fund misuse. The agreement will enable FTX’s bankruptcy estate to recover assets, aiding creditor repayments.
Settlement Details
Under the terms, FTX will reclaim $175 million in crypto assets held in Bybit accounts and sell over 105 million BIT tokens for approximately $52.7 million. Defendants who withdrew funds before FTX’s bankruptcy will be able to claim back 75% of their previous balance.Support for FTX’s Creditor Repayment Plan
This settlement aligns with FTX’s reorganization plan, which recently gained approval from over 94% of creditors. As FTX seeks to repay creditors, this settlement marks a step forward in the company’s ongoing bankruptcy process.
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