FTX Trading Ltd. agreed to drop sprawling litigation against Bybit Fintech Ltd. and related entities in a deal worth roughly $228 million that will allow FTX to withdraw assets from Bybit’s cryptocurrency exchange.
FTX asked the US Bankruptcy Court for the District of Delaware on Thursday to approve a settlement it reached with Bybit and related defendants following months of negotiations. The deal will allow FTX’s liquidating estate to recover $175 million worth of digital assets being held on Bybit’s exchange and sell BIT tokens to Bybit’s investment arm, Mirana Corp., for nearly $53 million.
FTX alleged in its suit ...
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