Former FTX CEO Sam Bankman-Fried and the debtors of the bankrupt crypto exchange FTX have reached a settlement agreement regarding claims related to the acquisition of the stock trading platform Embed. The agreement aims to address certain aspects of the bankruptcy case and recover over $240 million paid for Embed. Bankman-Fried will relinquish his rights and assign all assets held in his name at Embed to the plaintiffs. This settlement comes after FTX Trading Ltd. announced a global settlement with FTX Digital Markets Ltd. to redistribute assets to FTX.com's customers. The global settlement is contingent on court approvals and aims to synchronize the bankruptcy and liquidation processes across jurisdictions. FTX filed for bankruptcy in 2022 after Bankman-Fried's resignation and the collapse of the exchange.
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