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FTX Reaches $228M Settlement with Bybit, Recovering $175M in Digital 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. As part of the agreement, FTX will recover $175 million in digital assets from Bybit and sell BIT tokens worth $53 million to Bybit's investment arm, Mirana. This settlement allows FTX to drop its lawsuit against Bybit, facilitating the recovery of funds lost during the 2022 crypto market crash. The reclaimed assets will contribute to FTX's efforts to refund approximately $12.6 billion to its users, aiding customer payouts.
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