Krutika Adani
FTX has reached a deal to pay $14 million to Emergent Technologies in an attempt to let the latter withdraw a petition against them.
The withdrawal of this petition will allow FTX to claim 55 million Robinhood shares worth over $600 million.
The new FTX CEO, John Ray III, has taken several concrete steps that have resulted in two major wins, i.e., paying the customers back and the current win.
Emergent Tech will get the $14 million to pay its administrative expenses.
With this gain, FTX may soon pay large creditors who could not receive their claimed money in the last round of payments.