FTX Settles $228 Million Dispute with Bybit Amid Ongoing Compensation Plan for Affected Users

On October 27, COINOTAG reported that FTX has reached a pivotal settlement agreement with Bybit, a notable crypto trading platform. Bybit will remit $228 million as part of this accord, prompting FTX to withdraw its associated lawsuit. Under the terms, FTX is set to recover $175 million in digital assets from Bybit, while Bybit’s investment arm, Mirana Corp., will acquire additional assets, including BIT tokens, valued at $53 million. Previously, FTX alleged that Bybit-related accounts shifted $327 million in assets just before its collapse, hampering other users’ cash withdrawals. This settlement follows FTX’s prior announcement of a compensation plan intended to disburse at least $12.6 billion to users affected by its insolvency. The rollout of this compensation framework will take place within 60 days from its effective date, though the specific timeline remains undisclosed.