{"id":18119,"date":"2024-10-28T10:19:34","date_gmt":"2024-10-28T08:19:34","guid":{"rendered":"https:\/\/forklog.com\/en\/ftx-withdraws-lawsuit-against-bybit-in-228-million-settlement\/"},"modified":"2024-10-28T10:19:34","modified_gmt":"2024-10-28T08:19:34","slug":"ftx-withdraws-lawsuit-against-bybit-in-228-million-settlement","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ftx-withdraws-lawsuit-against-bybit-in-228-million-settlement\/","title":{"rendered":"FTX Withdraws Lawsuit Against Bybit in $228 Million Settlement"},"content":{"rendered":"<p>The bankrupt cryptocurrency exchange FTX has withdrawn its lawsuit against Bybit, its executives, and its investment arm Mirana as part of a settlement that will secure approximately $228 million for future creditor compensation, reports <a href=\"https:\/\/www.theblock.co\/post\/323199\/ftx-agrees-to-drop-lawsuit-against-bybit-in-228-million-settlement\">The Block<\/a>.<\/p>\n<p>Negotiations spanned several months. The settlement entails FTX reclaiming $175 million in cryptocurrencies held on Bybit and selling over 105 million BIT tokens to Mirana, valued at approximately $52.7 million.<\/p>\n<p>Furthermore, defendants who withdrew their funds from FTX prior to its bankruptcy will still be able to claim 75% of the aggregate balance on their accounts as of the filing date.<\/p>\n<p>Back in November 2023, FTX filed a lawsuit against the crypto exchange Bybit, demanding the return of digital assets worth approximately $953 million. The complaint alleged that Bybit&#8217;s investment arm, Mirana, had VIP privileges, which it used to withdraw funds from the collapsing exchange.<\/p>\n<p>Earlier, a US bankruptcy court approved FTX&#8217;s reorganization plan to settle its debts with creditors.<\/p>\n<p>The initiative was supported by 94.48% of FTX clients with claims on assets valued at $6.83 billion. About 98% of creditors will receive at least 118% of their claims in fiat, based on the exchange rate at the time of the bankruptcy filing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bankrupt cryptocurrency exchange FTX has withdrawn its lawsuit against Bybit, its executives, and its investment arm Mirana as part of a settlement that will secure approximately $228 million for future creditor compensation, reports The Block. Negotiations spanned several months. The settlement entails FTX reclaiming $175 million in cryptocurrencies held on Bybit and selling over [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1151,1162,1236],"class_list":["post-18119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bybit","tag-court-cases","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18119"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18118"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}