FTX reaches settlement agreement with Evolve Bank and SVCF, and is expected to recover $21 million in assets

BlockBeats news, on November 1, CryptoSlate reported that FTX has reached a settlement with Evolve Bank and the Silicon Valley Community Foundation (SVCF), which may enable it to recover up to $21 million in assets. The agreement is subject to court approval, and a hearing will be held on November 20.

Previously, Evolve Bank held more than $13 million in deposits in an account opened for FTX affiliate West Realm Shires Services Inc. After many negotiations, FTX reached an agreement with Evolve Bank to return approximately $12.77 million to the bankrupt FTX and retain $462,700 as compensation costs. In addition, the Silicon Valley Community Foundation SVCF also agreed to return $8.57 million and the remaining FTT tokens to avoid the need for litigation.