Bankrupt cryptocurrency exchange FTX has reached a remarkable milestone by settling a year-long lawsuit against Bybit for over $225 million as part of ongoing bankruptcy proceedings.
This settlement permits FTX to recover up to $175 million in assets and sell BIT tokens for over $50 million to Bybit's investment arm, Mirana.
FTX states that the agreement allows the recovery of nearly all the value of on-exchange assets, avoiding the expense and risks of prolonged litigation.
The settlement aligns with FTX's backdrop of substantial progress in its bankruptcy process, including plans to return over $12.6 billion to customers affected by its collapse.
Approval from U.S. Bankruptcy Judge John Dorsey, with a hearing set for November 2024, is pending.
