Crypto exchange FTX Trading Ltd. has reached a $228 million settlement with Bybit Fintech Ltd. to resolve their legal dispute. The settlement allows FTX to recover assets from Bybit's exchange, with Bybit receiving $175 million in digital assets and selling $53 million in BIT tokens to Mirana Corp, Bybit's investment arm. This follows FTX's recent court approval for its bankruptcy plan, which enables them to repay customers with up to $16.5 billion in recovered assets. FTX's CEO, John J. Ray III, is proceeding with the wind-down plan, aiming to distribute at least $12.6 billion to customers within 60 days. The exchange is also negotiating with the DOJ to potentially recover $1 billion seized during the Bankman-Fried prosecution. Overall, FTX expects to cover 118% of customer account values with the available funds.
- Content Editor ( cryptopolitan.com )
- 2024-10-26
FTX settles $228M dispute with Bybit, customer payouts next?