FTX has reached a settlement agreement with Evolve Bank and the Silicon Valley Community Foundation, aiming to recover $21 million in assets

ChainCatcher news, according to CryptoSlate, FTX has reached a settlement with Evolve Bank and the Silicon Valley Community Foundation (SVCF), which could allow it to recover up to $21 million in assets. The agreement is pending court approval, with a hearing scheduled for November 20.

Previously, Evolve Bank held over $13 million in deposits in accounts opened for FTX affiliate West Realm Shires Services Inc. After multiple negotiations, FTX reached an agreement with Evolve Bank to return approximately $12.77 million to the bankrupt FTX, while retaining $462,700 as compensation fees.

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.