FTX Secures Settlement to Recover $21 Million: Key Agreements with Evolve Bank and SVCF

On November 1, recent reports from COINOTAG and CryptoSlate highlight a notable development in the ongoing FTX bankruptcy proceedings. FTX has reportedly achieved a settlement with both Evolve Bank and the Silicon Valley Community Foundation (SVCF), potentially allowing the beleaguered exchange to reclaim up to $21 million in assets. This tentative agreement is pending court approval, with a crucial hearing scheduled for November 20. Previously, Evolve Bank had custody of over $13 million in deposits linked to FTX affiliate West Realm Shires Services Inc. Following extensive negotiations, Evolve Bank has agreed to return approximately $12.77 million to FTX and retain $462,700 to cover compensation costs. Additionally, SVCF has consented to return $8.57 million along with the remaining FTT tokens, thereby circumventing the necessity for litigation.