FTX's bankruptcy estate has settled a lawsuit against the Bybit exchange for $228 million, as revealed in a legal filing made on October 24, 2024. The lawsuit, initiated in 2023, aimed to recover funds for FTX's former customers and creditors. The settlement allows FTX to withdraw $175 million in digital assets and sell about $53 million in BIT tokens to Mirana Corp., an investment division of Bybit. FTX's attorneys stated that while their claims were valid, continuing litigation would be complex and costly. The agreement requires court approval, with a hearing set for November 20, 2024. FTX initially alleged that Bybit exploited privileged access to withdraw approximately $327 million in assets just before FTX's collapse. This case is among several legal challenges faced by FTX during its bankruptcy proceedings, highlighting ongoing complexities in resolving claims from creditors and customers impacted by the company's fall.

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