FTX has agreed to drop its lawsuit against Bybit, its executives, and its investment arm Mirana in a settlement that will allow the defunct crypto exchange to collect about $228 million. The sum is expected to help FTX repay its creditors in the coming months.
“Over the past several months, the parties have engaged in lengthy and good faith negotiations regarding these claims, and have ultimately reached a global settlement as reflected in the Settlement Agreement,” FTX’s bankruptcy filing said Thursday. The settlement will allow FTX’s liquidated estate to recoup $175 million in crypto held in Bybit accounts. FTX will sell Mirana (Bybit’s investment arm) more than 105 million BIT tokens worth about $52.7 million.
