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FTX has withdrawn its lawsuit by reaching a $2.28 billion agreement with cryptocurrency exchange Bybit. This deal is considered a significant step in the process of repaying customer funds during FTX’s bankruptcy proceedings.
Agreement Details
As part of the agreement, FTX will reclaim $1.75 billion worth of cryptocurrencies held on the Bybit platform, while Mirana Corp, Bybit’s investment arm, will purchase additional assets valued at $53 million, including BIT coin. This action is viewed as an extension of the lawsuit FTX filed due to controversial transactions before its bankruptcy. FTX claimed that accounts linked to Bybit withdrew $327 million in assets prior to its insolvency, hindering other customers from making withdrawals.
With this agreement, FTX has indicated that “all sought-after assets have been recovered,” thereby ending its dispute with Bybit. This development is seen as a pivotal moment in FTX’s efforts to repay customer funds after its 2022 bankruptcy.
Customer Repayment Plan and Process Progress
Led by CEO John Ray, FTX’s team aims to refund over $12.6 billion to users affected by the bankruptcy, according to the approved repayment plan. Refund payments are expected to commence within 60 days after a specified effective date, which has not yet been finalized. Additionally, the payment amounts will be determined based on cryptocurrency prices from two years ago.
This agreement accelerates FTX’s efforts to compensate its customers affected by the bankruptcy process, with Ray’s team continuing to coordinate the refund process globally across hundreds of jurisdictions.
This new development marks another significant step towards FTX addressing its debts to customers following its bankruptcy in 2022.
