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

 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.