FTX has reached a settlement agreement with Evolve Bank and SVCF, and is expected to recover approximately $21 million in assets

PANews reported on November 1 that according to CryptoSlate, the bankrupt cryptocurrency exchange FTX has reached a settlement agreement with Evolve Bank and the Silicon Valley Community Foundation (SVCF), and is expected to recover about $21 million in assets. Court documents on October 30 showed that these settlement agreements still need court approval, and the hearing is scheduled for November 20.

According to the terms of the settlement, Evolve Bank will return approximately $12.77 million to FTX and retain $462,700 as compensation costs. In addition, the bank will waive all claims against FTX. The Silicon Valley Community Foundation agreed to return $8.57 million in cash and 34,208.70 FTT tokens to avoid litigation. The foundation previously raised part of the funds by selling donated FTT for external donations, and now has a partial balance.