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

Oct 28, 2024, 04:54 AM

FTX has reached a $228 million settlement with Bybit, marking a significant step towards refunding its customers. The agreement allows FTX to recover $175 million in digital assets from Bybit and an additional $53 million through the sale of BIT tokens to Bybit's investment arm, Mirana. This settlement resolves ongoing litigation between the two companies and is part of FTX's broader efforts to reclaim assets lost during the 2022 crypto market crash. The recovered funds are expected to assist FTX in making payments to its creditors in the upcoming months, contributing to its $12.6 billion user refund pot.