FTX and CFTC agree to $12.7B settlement, subject to court approval
The US commodities regulator didn’t seek a civil monetary penalty, meaning the entire $12.7 billion would be used to pay back FTX’s creditors.
Bankrupt cryptocurrency exchange FTX and the United States commodities regulator have agreed to a $12.7 billion settlement, resolving a 19-month long lawsuit.
The agreement comes after months of back-and-forth negotiations and is now only subject to court approval, a recently released July 12 filing shows.
“The Proposed Settlement is an integral and valuable component of the Debtors’ proposed chapter 11 reorganization plan,” said Commodity Futures Trading Commission senior trial attorney Carlin R. Metzger and FTX’s CEO John. J Ray III.
Go to Source
Author: Brayden Lindrea
