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FTX and Evolve Bank, Silicon Valley Community Foundation have reached a settlement protocol and are expected to recover $21 million in assets
Golden Finance reported that FTX has reached a settlement with Evolve Bank and the Silicon Valley Community Foundation (SVCF), which may allow it to recover up to 21 million US dollars in assets. The protocol is pending court approval, and a hearing is scheduled for November 20th. Previously, Evolve Bank held over $13 million in deposits in the account opened by FTX affiliate West Realm Shires Services Inc. According to the protocol, Evolve Bank will retain $462,700 as compensation and waive all related claims.