FTX has reached a $228 million settlement with Bybit, allowing it to recover significant assets for creditors, including $175 million in digital assets and $53 million in BIT tokens, pending court approval.
FTX, the bankruptcy estate, has reached a $228 million settlement with Bybit and its investment arm, Mirana.If approved by the court, this settlement will allow FTX to recover substantial assets for its creditors, adding momentum to its ongoing efforts to resolve financial issues from the collapse in 2022.
The deal, set for a final hearing on November 20, enables FTX to reclaim approximately $175 million in digital assets held on Bybit’s platform and around $53 million worth of BIT tokens from Mirana.This agreement concludes a high-stakes legal dispute first initiated by FTX in November 2023, where it sought to recover an initial $1 billion from Bybit and Mirana.
The claim accused both parties of using privileged access to withdraw substantial assets just before FTX’s collapse, allegedly bypassing restrictions that left other users unable to retrieve funds.In the face of a costly legal battle, FTX’s attorneys determined that pursuing a settlement would be more effective, helping expedite the return of assets to creditors.
