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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