FTX settles lawsuit against the Bybit exchange for $228 million
The prices of Bitcoin and other digital assets were significantly lower during the 2022 collapse of FTX compared to current market prices.
The FTX bankruptcy estate agreed to a $228 million settlement with the Bybit exchange in an Oct. 24 legal filing, for a lawsuit first filed in 2023 by the FTX estate, seeking to recover funds to repay former customers and creditors.
According to the legal filing, the settlement agreement will allow FTX to withdraw $175 million in digital assets held on Bybit and sell approximately $53 million in BIT tokens to Mirana Corp — an investment division of the Bybit exchange. Attorneys for FTX noted that while their claims have merit, further litigation would prove cumbersome:
The settlement deal must still be approved by a court, and a hearing to ratify the agreement between the two parties is scheduled for November 20, 2024, at 2 PM Eastern time.
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Author: Vince Quill
