FTX and CFTC agree to $12.7 billion settlement

Bankrupt cryptocurrency exchange FTX and the U.S. Commodity Futures Trading Commission (CFTC) have agreed to a $12.7 billion settlement, which is currently awaiting approval from a Delaware judge. According to court documents filed with the U.S. Bankruptcy Court of Delaware on July 12, the two companies have been in negotiations for the past few months. As part of the settlement, the CFTC agreed that it would not collect any compensation as long as FTX complies with the reorganization plan. As a result, FTX will pay up to $12.7 billion in compensation to creditors, depending on available funds. A hearing on the settlement motion will be held on August 6.