FTX and Bybit reach a $228 million settlement to accelerate customer fund return process

BlockBeats News: On October 27th, according to DLNews, FTX announced a settlement agreement with the cryptocurrency trading platform Bybit, which will pay a settlement of $228 million, and FTX withdrew the related lawsuit. According to the settlement agreement, FTX will reclaim $175 million worth of digital assets from the Bybit platform, while Bybit's investment arm 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 before its collapse, causing other users to be unable to withdraw. Earlier this month, FTX's approved compensation plan is expected to allocate at least $12.6 billion in funds to affected users. The compensation plan will be activated within 60 days after the effective date, and the specific date has not been determined yet.