- FTX has settled its lawsuit against Bybit and Mirana, recovering $228 million.
- The settlement will help FTX repay its creditors, with debtors expected to receive up to 75% of what they were owed.
- The FTT token has seen significant price movements, with a current price of $1.81, reflecting a 97.5% drop from its peak.
Bankrupt cryptocurrency exchange FTX recently settled with Bybit and its investment partner Miarana, worth $228 million. The agreement between the two parties marks the end of FTX’s lawsuit against Bybit.
In November 2023, the FTX exchange filed a lawsuit against Bybit, claiming that the company used its VIP status to quickly remove nearly all funds invested in the FTX platform just moments before it collapsed. The previously well-regarded company led by Sam Bankman-Fried also accused Bybit of withholding FTX funds that were on the Bybit platform – essentially leaving the soon-to-meltdown company “hostage” of its own assets.
Just short of a year after filing suit, the two exchanges came to an agreement, with Bybit agreeing to pay $175 million in several different cryptocurrencies, and $52.7 million in BIT.
This unexpected monetary surplus will lead to more relief for FTX’s bankruptcy legal team to repay investors their funds. The settlement money is said to go to repaying debtors up to 75% of what they were owed before the day the exchange crashed.
FTT Down 5.50% Over Past 24 Hours
The FTT token has yet to react positively to the news of a settlement between FTX and Bybit. According to CoinMarketCap, the currency trades at $1.81, down 5.50% over the past 24 hours.
Meanwhile, the weekly charts reveal an even steeper with 10.26% losses over the past 7 days. However, FTT is surprisingly profitable when looking at the monthly chart. In that timeframe, the currency is up by 29%.
Yearly, FTT shows a 38.86% increase in value. However, the current price is still a far cry from its peak of $72.81 in 2021, a 97.5% crash to be precise.
