CandleFocus FTT plunges as FTX reaches $228 million cash settlement with Bybit
2024-10-29
Author: Content Editor
FTX, a defunct cryptocurrency exchange, has reached a $228 million cash settlement with Bybit to support its repayment to creditors. As part of the settlement, FTX will recover $175 million in assets held in Bybit and Bybit's trading arm, Miranda, will purchase FTX debtor's BIT tokens for $52.7 million. These tokens will allow debtors to recover value from their illiquid holdings. This settlement comes after a court ruling that FTX should repay creditors 118% of their asset value as of November 2022, rather than their total crypto assets balance. It is uncertain how the $16.5 billion repayment will impact digital asset prices, but some speculate that it may flow back into the crypto market. FTX's FTT token has experienced a decline following the news of the settlement.
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