FTX Has Reached Settlement Agreements With Evolve Bank, SVCF, Expects to Recover About $21 Million in Assets
Bankrupt cryptocurrency exchange FTX has reached settlement agreements with Evolve Bank and the Silicon Valley Community Foundation (SVCF) that are expected to recover about $21 million in assets, according to CryptoSlate.Court filings on Oct. 30 show that the settlements still require court approval, and a hearing is scheduled for Nov. 20, according to CryptoSlate.
Under the terms of the settlements, Evolve Bank will return approximately $12.77 million to FTX and retain $462,700 for indemnification costs. In addition, the bank will waive all claims against FTX. For its part, the Silicon Valley Community Foundation agreed to return $8.57 million in cash and 34,208.70 FTT tokens to avoid litigation. The foundation previously raised some of the money through the sale of donated FTTs for external donations, and now retains a portion of the balance.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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