Bankrupt crypto exchange FTX and trading platform Bybit have reached an agreement worth more than $225 million, thanks to which FTX will be able to withdraw $175 million from its accounts on the exchange and speed up the process of returning funds to affected customers.

FTX asked the Delaware County Bankruptcy Court to approve the settlement reached with Bybit and its related defendants. A hearing to approve the financial agreement is scheduled to take place on November 20. Once the agreement is approved by the court, the exchange will be able to return $175 million worth of digital assets stored on Bybit and sell $53 million worth of BIT tokens to Bybit’s investment arm, Mirana Corporation.

“Thanks to the settlement agreement, creditors will receive almost everything they seek, and the company will be able to reduce the costs of ongoing litigation,” representatives of the bankrupt crypto exchange assured.

In the 2023 lawsuit, FTX alleged that Mirana used special privileges to withdraw $327 worth of assets ahead of the platform’s collapse in November 2022, while other account holders were prevented from doing so.

The new deal is one of several signed by CEO John J. Ray III (John J. Ray III, who assumed control of FTX and its related entities after filing for bankruptcy in the fall of 2022. In October 2024, FTX received court approval to make payments of $12.6 billion to clients affected by the cessation of the exchange.

Previously, the FTX administration filed a petition with the court asking to approve a settlement agreement with ex-director of Alameda Research Caroline Ellison, providing for the return of all her assets to the bankruptcy estate.