FTX reaches settlement agreement with Evolve Bank and Silicon Valley Community Foundation, and is expected to recover $21 million in assets

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Cointime2024/11/01 11:33

By:Cointime

FTX has reached a settlement with Evolve Bank and the Silicon Valley Community Foundation (SVCF), which may enable it to recover assets worth up to $21 million. The agreement is pending court approval, with a hearing scheduled for November 20th.

Previously, Evolve Bank held over $13 million in deposits in an account opened by FTX's affiliated company, West Realm Shires Services Inc. Under the agreement, Evolve Bank will retain $462,700 as compensation and waive all related claims.

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