CandleFocus FTX eyes $21 million asset recovery through settlements with bank and charity organization
2024-11-01
Author: Content Editor
Bankrupt cryptocurrency exchange FTX has reached settlement agreements with Evolve Bank and Silicon Valley Community Foundation (SVCF) that could allow it to recover up to $21 million in assets. Evolve Bank has agreed to return $12.77 million to FTX while retaining $462,698.65 for indemnification expenses and will waive all claims against FTX. SVCF has agreed to return at least $8,574,674.07 and 34,208.70 FTT tokens to FTX to avoid litigation. FTX filed these settlements with the US Bankruptcy Court for the District of Delaware to expedite asset recovery. A court hearing for approval is set for November 20.
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