FTX, which is preparing to distribute $12.6 billion to its injured customers, has just signed an agreement with Bybit, allowing it to get its hands on almost $230 million.
$228 million soon added to FTX coffers
While FTX's reorganization plan was recently approved by the court, giving – finally – hope of a reimbursement for the many customers harmed by the bankruptcy of the cryptocurrency exchange platform in 2022, new funds will be recovered by the latter.
Through a document signed on October 24, FTX announces end of its proceedings against the crypto exchange Bybit. Thus, after several months of negotiation, FTX's lawyers managed to find common ground with the various defendants, allowing them to recover $175 million in crypto held on Bybit.
In parallel, FTX obtained approval to sell the equivalent of $53 million to Mirana Corp.the investment arm of Bybit, in the form of BIT tokens.
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FTX initiated this procedure last year, claiming that certain accounts Bybit affiliates had transferred large sums – to the tune of $327 million – from FTX to Bybit, just before the platform collapsed in November 2022. This rapid movement of funds left many FTX clients unable to withdraw their own assets, making the crisis worse for users they say.
Through this agreement, FTX managed to secure “virtually everything it sought to recover,” according to the company's filing.
Once the implementation date for the plan approved earlier this month is set, 98% of creditors should receive around 120% of the amount claimed from the platform. A figure that could seem positive for injured customers, but based on the value of cryptocurrencies at the time of FTX's collapse. At the time, the price of Bitcoin was only around $17,000.
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Despite everything, $12.6 billion will be distributed over 60 days once the plan is implemented. A sum which, perhaps, will be reinjected into the crypto market.
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Source: Bloomberg Law
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