FTX Secures Massive $228 Million Agreement To Withdraw Assets From Crypto Exchange Bybit

Quick Summary:

In an ongoing effort to recover assets to repay creditors affected by its collapse in 2022, defunct crypto exchange FTX, once run by 25-year convict Sam Bankman-Fried, has reached an agreement with UAE-based crypto platform Bybit, allowing it to withdraw assets as part of a $228 million settlement.

The company has requested approval from the US Bankruptcy Court for the District of Delaware to finalize this agreement, which comes after months of negotiations.

Furthermore, approximately 33% of the remaining claims are tied to sanctioned entities and individuals without proper know-your-customer (KYC) verification, making those assets unlikely to be reclaimed.

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Article Details

Author / Journalist: Ronaldo Marquez

Category: Crypto

Markets: Hungary

Topics: FTX news FTT FTX bankruptcy FTTUSDT FTX creditors Crypto Exchange FTX Crypto news FTX assets FTX

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-29 @ 10:30:55 (3 days ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 536 words

Reading Time: 3 minutes read

Sentences: 35 lines

Sentence Length: 16 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 23325039

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About Bitcoinist

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Official Website: bitcoinist.com

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News Last Updated: 9 hours ago

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