TechFlow news, bankrupt cryptocurrency exchange FTX has reached a $12.7 billion settlement agreement with the U.S. Commodity Futures Trading Commission (CFTC), pending approval by a Delaware judge. The settlement includes $8.7 billion in restitution and $4 billion in disgorgement. A hearing will be held on August 6.
The CFTC initially sought $52.2 billion in claims, alleging that FTX and former CEO Sam Bankman-Fried committed fraud resulting in $8 billion in customer losses. Under the settlement, the CFTC will not collect any payments as long as FTX complies with its restructuring plan. FTX will pay up to $12.7 billion to creditors, depending on available funds.
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