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FTX eyes $21 million asset recovery through settlements with bank and charity organization

FTX Asset Recovery Overview

FTX is actively pursuing recovery efforts as part of its bankruptcy proceedings. Recently, the firm has negotiated settlements that could recover significant assets: $21 Million Recovery Goal: FTX aims to reclaim approximately $21 million through settlements with a bank and a charity organization. Evolve Bank Settlement: FTX is expected to recover $12.77 million from Evolve Bank. This amount represents funds held in accounts under a Master Bank Services Agreement for its affiliate, West Realm Shires Services Inc. The bank will waive all claims against FTX as part of the agreement. Silicon Valley Community Foundation (SVCF) Settlement: FTX has also reached an agreement to recover $8.57 million plus remaining FTT tokens from the SVCF. This recovery relates to FTT tokens donated by former executives and is intended to avoid litigation. Settlement with Bybit: FTX secured a $228 million settlement with crypto firm Bybit, Show Less

https://cryptoslate.com/ftx-eyes-21-million-asset-recovery-through-settlements-with-bank-and-charity-organization/
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