Bankrupt Company FTX Won Another Victory in Refunds That Could Revitalize the Cryptocurrency Market!

bankrupt crypto para Exchange FTX has reached a $228 million agreement with Bybit, taking it one step closer to refunding customers affected by its massive crash in 2022.

Under the agreement, FTX will withdraw its lawsuit against Bybit and recover a significant portion of the disputed funds.

The deal allows FTX to buy back $175 million in digital assets from Bybit’s platform. In addition, Bybit’s investment arm, Mirana Corp. will purchase additional assets, including BIT tokens, from FTX for $53 million.

The legal dispute, which began last year, stemmed from allegations that accounts linked to Bybit transferred $327 million from FTX just before its collapse. The sudden outflow of funds left many other FTX customers unable to access their assets. FTX’s legal team sought to recover these funds to address the shortfall faced by its creditors.

In the statement made by FTX, it was said: “Thanks to the Settlement Agreement, the Debtors will have largely gotten back everything they wanted to get back.”

The settlement is an important step in FTX’s wide-ranging efforts to refund customers affected by its collapse. Earlier this month, a court approved FTX’s repayment plan, which set aside at least $12.6 billion for distribution. However, payments are contingent on the completion of logistics across multiple jurisdictions involved in the case.

According to FTX’s plan, payments are expected to begin within 60 days from the date the plan goes into effect, which is still pending a final decision. While refund amounts will be based on cryptocurrency valuations from two years ago, FTX’s leadership under CEO John Ray is actively working to untangle the complexities of the global payment process.

*This is not investment advice.