FTX and Bybit reach $228 million settlement to accelerate customer fund return process

Odaily News FTX announced a settlement agreement with the crypto trading platform Bybit, which will pay a settlement of $228 million and FTX will withdraw the relevant lawsuit. According to the settlement agreement, FTX will recover $175 million worth of digital assets from the Bybit platform, and Bybit's investment arm Mirana Corp. will acquire additional assets including BIT tokens for $53 million. Previously, FTX accused Bybit-related accounts of transferring $327 million in assets on the eve of its collapse, preventing other users from withdrawing cash. Earlier this month, FTX's approved compensation plan is expected to distribute at least $12.6 billion in funds to affected users. The compensation plan will be launched within 60 days of the effective date, and the specific date has not yet been determined. (DLNews)