FTX and CFTC Agree to $12.7 Billion Settlement
Bankrupt cryptocurrency exchange FTX and the U.S. Commodity Futures Trading Commission (CFTC) have agreed to a $12.7 billion settlement, which is currently awaiting approval from a Delaware judge. According to court documents filed on July 12 with the U.S. Bankruptcy Court in Delaware, the two companies have been in talks for the past few months. As part of the settlement agreement, the CFTC agreed that as long as FTX complies with the reorganization plan, the CFTC will not collect any compensation. As a result, FTX will pay up to $12.7 billion in compensation to creditors, depending on available funds. A hearing on the settlement motion will be held on August 6th.
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