FTX reaches settlement agreement with Evolve Bank and Silicon Valley Community Foundation, and is expected to recover $21 million in assets

Odaily News FTX has reached a settlement with Evolve Bank and the Silicon Valley Community Foundation (SVCF), which may enable it to recover up to $21 million in assets. The agreement is subject to court approval, and a hearing will be held on November 20. Previously, Evolve Bank held more than $13 million in deposits in an account opened for FTX affiliate West Realm Shires Services Inc. Under the agreement, Evolve Bank will retain $462,700 as compensation expenses and waive all related claims.