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Category: CRYPTO NEWS
The post FTX Settles With Bybit for $228 Million, Paving Way for Potential $12.6 Billion User Distributions appeared on BitcoinEthereumNews.com. FTX has successfully reached a $228 million settlement with Bybit, marking a significant step in the recovery of assets lost during its bankruptcy. This settlement not only allows FTX to regain lost funds but also moves it closer to executing its repayment plan of $12.6 billion for affected users. “Through the Settlement Agreement, the Debtors will be recovering substantially everything that they seek to recover,” FTX stated, demonstrating its commitment to restitution. FTX secures a $228 million settlement with Bybit, paving the way for asset recovery and a $12.6 billion user repayment plan post-bankruptcy. FTX’s Strategic Settlement with Bybit: Key Details and Implications The recent settlement between FTX and Bybit signifies a critical turn in FTX’s ongoing efforts to recover assets lost during its collapse in November 2022. In this legal resolution, FTX has agreed to discontinue its litigation against Bybit, which will allow the bankrupt exchange to reclaim approximately $175 million in digital assets from Bybit’s platform. Additionally, FTX will sell assets consisting of BIT tokens to Bybit’s investment arm, Mirana Corp., for $53 million. Background of the Legal Dispute The legal conflict arose from allegations that Bybit-affiliated accounts transferred a staggering $327 million off the FTX platform shortly before the exchange filed for bankruptcy, effectively preventing many users from retrieving their funds. The agreement reached between the two parties not only settles this dispute but also enhances FTX’s potential to deliver on its repayment promises to creditors. Progress Towards User Repayment As part of FTX’s bankruptcy proceedings, a structured plan has been approved, earmarking $12.6 billion for repayments to users who were impacted by the exchange’s collapse. According to reports, payments to affected users are anticipated to commence within 60 days of the effective settlement date, although specific timelines are still pending. Notably, the repayment amounts will be…
2024-10-27T13:30:13+00:00
https://bitcoinethereumnews.com/tech/ftx-settles-with-bybit-for-228-million-paving-way-for-potential-12-6-billion-user-distributions/?utm_source=rss&utm_medium=rss&utm_campaign=ftx-settles-with-bybit-for-228-million-paving-way-for-potential-12-6-billion-user-distributions