TechFlow news, October 27 — According to DLNews, FTX has announced a settlement agreement with cryptocurrency exchange Bybit. Under the terms, Bybit will pay $228 million, and FTX will withdraw its related litigation.
Under the settlement, FTX will recover $175 million worth of digital assets from the Bybit platform, while Bybit's investment arm, Mirana Corp., will acquire additional assets including BIT tokens for $53 million. Previously, FTX had alleged that accounts linked to Bybit transferred $327 million in assets just before its collapse, preventing other users from withdrawing funds.
Earlier this month, FTX’s approved compensation plan is expected to distribute at least $12.6 billion to affected users. The payout program will launch within 60 days after the effective date, which has not yet been determined.
