{"id":12024,"date":"2024-10-28T05:59:12","date_gmt":"2024-10-28T05:59:12","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=12024"},"modified":"2024-10-28T05:59:14","modified_gmt":"2024-10-28T05:59:14","slug":"ftx-reaches-228-million-settlement-with-bybit-exchange","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/ftx-reaches-228-million-settlement-with-bybit-exchange\/","title":{"rendered":"FTX Reaches $228 Million Settlement with Bybit Exchange"},"content":{"rendered":"\n<p>The FTX bankruptcy estate has agreed to a $228 million settlement with Bybit, resolving a legal dispute filed in 2023. This settlement marks a significant step in FTX\u2019s efforts to recover funds for its former customers and creditors following the exchange\u2019s 2022 collapse.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Settlement Details and Agreement<\/h3>\n\n\n\n<p>In the legal filing from October 24, 2024, FTX confirmed the settlement will allow it to retrieve $175 million in digital assets from Bybit. Additionally, approximately $53 million in BIT tokens will be sold to Mirana Corp, an investment arm of Bybit. While attorneys for FTX believe their claims were valid, they acknowledged that continuing the litigation would be costly and time-consuming.<\/p>\n\n\n\n<p>The agreement still requires court approval. A hearing is scheduled for November 20, 2024, at 2 PM Eastern, where the settlement terms will be reviewed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Background: FTX&#8217;s $1 Billion Lawsuit Against Bybit<\/h3>\n\n\n\n<p>The lawsuit stems from accusations that Bybit and Mirana used &#8220;VIP&#8221; access to withdraw around $327 million in digital assets and cash just before FTX\u2019s collapse in 2022. Filed in November 2023, the lawsuit claims that Bybit and other entities were granted special withdrawal privileges by FTX executives, a priority that other customers did not have. These withdrawals allegedly took place during the critical phases leading to the exchange\u2019s downfall.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Progress in FTX Bankruptcy Proceedings<\/h3>\n\n\n\n<p>The settlement with Bybit is just one of many legal battles FTX has faced during its ongoing bankruptcy process. After Judge John Dorsey approved FTX\u2019s reorganization plan on October 7, 2024, a separate lawsuit against the law firm Sullivan &amp; Cromwell was voluntarily dropped by FTX investors. The investors had accused the firm of being complicit in FTX&#8217;s fraudulent activities while benefiting financially from its continued legal representation of the company.<\/p>\n\n\n\n<p>As FTX continues its efforts to resolve bankruptcy-related litigation, the Bybit settlement brings the estate closer to concluding its legal hurdles and distributing funds to creditors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FTX bankruptcy estate has agreed to a $228 million settlement with Bybit, resolving a legal dispute filed in 2023. This settlement marks a significant step in FTX\u2019s efforts to recover funds for its former customers and creditors following the exchange\u2019s 2022 collapse. Settlement Details and Agreement In the legal filing from October 24, 2024, [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":8230,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30,43],"tags":[],"class_list":{"0":"post-12024","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exchange","8":"category-general-news"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FTX Reaches $228 Million Settlement with Bybit Exchange<\/title>\n<meta name=\"description\" content=\"The FTX bankruptcy estate has agreed to a $228 million settlement with Bybit, resolving a legal dispute filed in 2023. This settlement marks a significant\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cryptometer.io\/news\/ftx-reaches-228-million-settlement-with-bybit-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX Reaches $228 Million Settlement with Bybit Exchange\" \/>\n<meta property=\"og:description\" content=\"The FTX bankruptcy estate has agreed to a $228 million settlement with Bybit, resolving a legal dispute filed in 2023. This settlement marks a significant\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cryptometer.io\/news\/ftx-reaches-228-million-settlement-with-bybit-exchange\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoMeter.io\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-28T05:59:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-28T05:59:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/05\/FTX.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adam L\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adam L\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/ftx-reaches-228-million-settlement-with-bybit-exchange\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/ftx-reaches-228-million-settlement-with-bybit-exchange\/\"},\"author\":{\"name\":\"Adam L\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/d05d4ef65ae9752036cc2b5e044592f9\"},\"headline\":\"FTX Reaches $228 Million Settlement with Bybit Exchange\",\"datePublished\":\"2024-10-28T05:59:12+00:00\",\"dateModified\":\"2024-10-28T05:59:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/ftx-reaches-228-million-settlement-with-bybit-exchange\/\"},\"wordCount\":311,\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/ftx-reaches-228-million-settlement-with-bybit-exchange\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/05\/FTX.jpg\",\"articleSection\":[\"Exchange\",\"General News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/ftx-reaches-228-million-settlement-with-bybit-exchange\/\",\"url\":\"https:\/\/www.cryptometer.io\/news\/ftx-reaches-228-million-settlement-with-bybit-exchange\/\",\"name\":\"FTX Reaches $228 Million Settlement with Bybit Exchange\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/ftx-reaches-228-million-settlement-with-bybit-exchange\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/ftx-reaches-228-million-settlement-with-bybit-exchange\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/05\/FTX.jpg\",\"datePublished\":\"2024-10-28T05:59:12+00:00\",\"dateModified\":\"2024-10-28T05:59:14+00:00\",\"description\":\"The FTX bankruptcy estate has agreed to a $228 million settlement with Bybit, resolving a legal dispute filed in 2023. 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