On October 28, 2024, a U.S. bankruptcy court approved FTX's reorganization plan aimed at repaying creditors. This plan follows a settlement allowing FTX to recover approximately $228 million, crucial for its creditor repayments.
As part of the settlement, FTX will reclaim $175 million in cryptocurrencies from Bybit accounts and sell over 105 million BIT tokens, valued at around $52.7 million, from Mirana, Bybit's investment arm. Notably, defendants who withdrew funds before FTX's bankruptcy can claim back 75% of their account balances as of the petition date.
FTX's bankruptcy estate previously sued Bybit, alleging misuse of its access to withdraw substantial assets just before FTX's collapse in 2022. Led by bankruptcy expert John J. Ray III, FTX reported that over 94% of its creditors voted in favor of the reorganization plan, which aims to repay 98% of claims at a minimum of 118% value in cash.