The FTX bankruptcy estate has reached a $228 million settlement with Bybit in a legal filing on Oct. 24. The lawsuit, initially filed in 2023 by the FTX estate, aimed to recover funds for former customers and creditors. As per the agreement, FTX can withdraw $175 million in digital assets from Bybit and sell around $53 million in BIT tokens to Mirana Corp, an investment division of Bybit. Despite the validity of their claims, FTX attorneys expressed concerns about prolonged litigation. The settlement is pending court approval, with a hearing scheduled for November 20, 2024. This settlement follows FTX's $1 billion lawsuit against Bybit and Mirana in 2023, alleging preferential treatment and early asset withdrawals. The legal battles are part of the complex bankruptcy proceedings FTX has been navigating. After the approval of FTX's reorganization plan, investors dropped a lawsuit against their former legal representation, Sullivan & Cromwell, over alleged complicity in FTX fraud. Read more AI-generated news on: https://app.chaingpt.org/news