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  3. FTX Wins $228M Settlement Against Crypto Exchange Bybit

FTX Wins $228M Settlement Against Crypto Exchange Bybit

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FTX Trading Drops $228M Lawsuit Against Bybit in Settlement Deal

FTX Agreement with Bybit Worth $228 Million

FTX Trading Ltd. to end litigation against Bybit Fintech Ltd. and related entities for a settlement deal valued at approximately $228 million.

Asset Recovery and Settlement Terms

FTX to retrieve $175 million in digital assets from Bybit’s exchange and sell BIT tokens to Mirana Corp. for nearly $53 million as part of the agreement.

Allegations and Creditor Claims

FTX accused Mirana of withdrawing $327 million from the platform before its collapse, leading to creditor claims of 75% of account balances for defendants.

Significant Recovery for Stakeholders

Settlement agreement enables FTX to recover assets while avoiding prolonged litigation, providing substantial savings for the company’s estates.

Court Approval and Wind-Down Plan

CEO John J. Ray III secures court approval for wind-down plan, aiming to distribute over $12.6 billion to customers affected by the FTX bankruptcy.

Legal Representation

FTX is represented by Sullivan & Cromwell LLP and Landis Rath & Cobb LLP, while the defendants are represented by Norton Rose Fulbright US LLP, Cooley LLP, Saul Ewing LLP, and Herbert Smith Freehills LLP.

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FTX Wins $228M Settlement Against Crypto Exchange Bybit
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Disclaimer:

The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
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