FTX reaches a $228 million settlement with Bybit, accelerating the process of returning customer funds

ChainCatcher news, according to DLNews, FTX announced a settlement agreement with the cryptocurrency trading platform Bybit, which will pay $228 million in settlement fees, while FTX will withdraw the related lawsuit.

According to the settlement agreement, FTX will recover $175 million worth of digital assets from the Bybit platform, while Bybit's investment division Mirana Corp. will acquire additional assets, including BIT tokens, for $53 million. Previously, FTX had accused Bybit's affiliated accounts of transferring $327 million in assets on the eve of its collapse, preventing other users from withdrawing funds.

Earlier this month, the compensation plan approved for FTX is expected to allocate at least $12.6 billion to affected users. The compensation plan will be initiated within 60 days after the effective date, with the specific date yet to be determined.