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<ul class="wp-block-list news-points">
 <li>The bankrupt FTX settles the lawsuit against Bybit for $228 million.</li>
 <li>The settlement allows FTX to recover $175 million in funds from Bybit.</li>
 <li>The lawsuit initially sought $953 million from Bybit and two corporate affiliates.</li>
</ul>
The bankrupt crypto exchange FTX announced a $228 million settlement with Bybit on October 24th, ending a prolonged lawsuit that aimed to recover funds. A legal filing shows the settlement allows FTX to withdraw $175 million in digital assets from Bybit and sell approximately $53 million in BIT tokens to Bybit’s investment division, Mirana Corp.
Back in November 2023, FTX filed a <a href="https://coinedition.com/ftx-sues-bybit-and-affiliates-alleging-withdrawal-of-953-report/" rel="noopener noreferrer nofollow">lawsuit against Bybit</a> and two other corporate affiliates, claiming they unfairly profited from FTX. The lawsuit aimed to recover $953 million in funds and assets from FTX, Mirana Corp, and Time Research Ltd. The amount reflects the value of the withdrawn assets on November 1st.
<a href="https://coinedition.com/ftxs-ftt-token-defies-logic-trading-at-2-despite-bankruptcy/" rel="noopener noreferrer nofollow">Read also: FTX’s FTT Token Defies Logic, Trading at $2 Despite Bankruptcy</a>
The settlement amount is significantly less than the $953 million FTX originally requested. Defendants who withdrew funds before the bankruptcy will receive creditor claims worth 75% of their account balances…
The post <a href="https://coinedition.com/ftx-secures-228m-settlement-with-bybit-in-bankruptcy-case/" rel="noopener noreferrer nofollow">FTX Secures $228M Settlement with Bybit in Bankruptcy Case</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

FTX Secures $228M Settlement with Bybit in Bankruptcy Case

Coin Edition

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