Follow Us @
FTX: agreement with banks and institutions could yield US$21 million for the exchange
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.
Bankrupt cryptocurrency exchange FTX has reached two deals that could yield an additional $21 million in recovered assets. The first of these involves the American bank Evolve Bank, while the second is with the Silicon Valley Community Foundation (SVCF).
According to court filings from Oct. 30, these agreements still require court approval, with a hearing scheduled for Nov. 20. If the court approves, the two settlements could see FTX recover up to US$21 million in assets.
The deal with Evolve Bank involves money that FTX held at the bank through the platform’s subsidiary accounts before its collapse. But the SVCF case is more complex, as it involves a large donation made by executives from FTX and Alameda Research.
Evolve Bank maintained three accounts for West Realm Shires Services Inc., an affiliate of FTX, before the exchange’s collapse in 2022. These accounts were under the Master Bank Services Agreement (MBSA), a specific agreement reached between corporate clients and a bank.
FTX deal with Evolve Bank yields $13 million
According to FTX, these accounts held more than $13 million in deposits in the affiliate’s name, but Evolve Bank filed a non-client Proof of Claim for the entire balance, citing damages and potential legal fees associated with the settlement.
However, the bank did not initially quantify these expenses, which led Evolve and FTX to enter into negotiations. Finally, the bank agreed to promptly return $12.77 million to the exchange. This, of course, after the agreement is approved in bankruptcy court.
Under the terms of the settlement, Evolve will still retain $462,698.65 as severance expenses and will waive all current and potential claims against FTX.
Likewise, FTX negotiated a settlement with SVCF to recover at least $8.5 million and 34,208.70 FTT without engaging in litigation. These amounts reached SVCF through donations made by FTX executive Nishad Singh and Caroline Ellison, former CEO of Alameda.
Together, they donated 434,500 FTT tokens to the Foundation in December 2021. Between January and November 2022, SVCF sold part of these tokens for US$13.6 million and allocated US$5 million to external donations.
This leaves the organization with a balance of at least US$8.5 million, in addition to and 34,208.70 FTT. At the current FTT price ($1.73), the tokens are worth just under $60,000.
FTX: agreement with banks and institutions could yield US$21 million for the exchange
Follow TODAYSGIST on Google News and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!
FTX: agreement with banks and institutions could yield US$21 million for the exchange
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
FTX: agreement with banks and institutions could yield US$21 million for the exchange
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
FTX: agreement with banks and institutions could yield US$21 million for the exchange
