FTX reaches deal to recover over $400 mln from hedge fund Modulo
Bankrupt crypto exchange听贵罢齿听has reached a听诲别补濒听to听谤别肠辞惫别谤听more than $400 million in cash听蹿谤辞尘听丑别诲驳别听蹿耻苍诲听惭辞诲耻濒辞听Capital, pulling back 97% of the money that听贵罢齿听companies sent to the听丑别诲驳别听蹿耻苍诲听in 2022, according to court documents filed on Wednesday.
Bahamas-based听惭辞诲耻濒辞听agreed to pay $404 million in cash and give up its claim to $56 million in assets held on听贵罢齿鈥檚 crypto exchange, according to a filing in U.S. bankruptcy court in Delaware.
贵罢齿听filed for bankruptcy protection in November, saying it was unable to completely repay customers who had deposited听蹿耻苍诲s on its exchange.听贵罢齿鈥檚 new CEO, John Ray, has said his top priority was听谤别肠辞惫别谤ing assets to repay听贵罢齿听customers.
FTX鈥檚 affiliated听丑别诲驳别听蹿耻苍诲听Alameda Research sent $475 million to听惭辞诲耻濒辞听in a series of transfers beginning in May 2022, a time when听贵罢齿听was losing money and heading toward bankruptcy, according to the court filings.
贵罢齿听and Alameda will give up their claim to any ownership of听惭辞诲耻濒辞听as part of the settlement.听贵罢齿听also agreed to not take further actions against听惭辞诲耻濒辞听or its principals Xiaoyun Zhang and Duncan Rheingans-Yoo related to the 2022 payments, according to the filings.
FTX, Bankman-Fried, and听惭辞诲耻濒辞听Capital did not immediately respond to requests for comment.
贵罢齿听has previously聽聽more than $5 billion in its quest to repay customers of the bankrupt crypto exchange.听贵罢齿听said last week that it was investigating聽聽that was transferred out of the company through payments and loans to company founders and key employees.
Bankman-Fried has been charged with stealing billions of dollars in听贵罢齿听customer听蹿耻苍诲s to c辞惫别谤听losses at Alameda Research, and making tens of millions of dollars in illegal political donations to buy influence in Washington, D.C.
He denies wrongdoing and is fighting to stay聽 pending his scheduled Oct. 2 fraud trial. 鈥听搁别耻迟别谤蝉
