PANews reported on October 27 that according to DL News, FTX has agreed to drop its lawsuit against the cryptocurrency exchange Bybit and reached a $228 million settlement agreement, which will allow FTX to recover $175 million in digital assets from the Bybit exchange and sell other assets including BIT tokens to Bybit's investment arm Mirana Corp. for $53 million.
Previously, FTX had accused Bybit-related accounts of transferring $327 million in assets on the eve of its collapse, preventing other users from withdrawing funds. Earlier this month, FTX was approved for a compensation plan that is expected to distribute at least $12.6 billion in funds to affected users. The compensation plan will be launched within 60 days of the effective date, and the specific date has not yet been determined.
