FTX's (CRYPTO: FTT) debtors have reached a settlement with a Bahamian subsidiary, FTX Digital Markets Ltd.

What Happened: The beleaguered crypto exchange is seeking to align bankruptcy proceedings in the U.S. and The Bahamas, ensuring a more streamlined and equitable process for creditors.

The settlement is pending approval from both the U.S. Bankruptcy Court for the District of Delaware and the Supreme Court of the Bahamas.

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Key aspects of the agreement include:

John J. Ray III, CEO and Chief Restructuring Officer of the FTX debtors, highlighted the settlement as a milestone, emphasizing its focus on customer interests and the collaborative effort with The Bahamas in the global recovery effort.

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