FTX Reaches $228M Settlement with Bybit, Recovers $175M in Assets and $53M in BIT Tokens

Oct 28, 2024, 08:59 AM

FTX has reached a $228 million settlement with cryptocurrency exchange Bybit, marking a significant step towards refunding its customers. Under the terms of the agreement, FTX will drop its lawsuit against Bybit, which lasted for a year, and recover $175 million in digital assets. Additionally, Bybit's investment arm, Mirana, will purchase BIT tokens from FTX for $53 million. This settlement is part of FTX's broader efforts to address its bankruptcy and refund approximately $12.6 billion to affected customers, following the crash of the crypto market in 2022.