Coinspeaker
LayerZero CEO Announces Settlement with FTX Estate
Bryan Pellegrino, the chief executive of the omnichain interoperability protocol LayerZero, has announced a settlement with the FTX estate. The settlement was reached after two years of intense negotiations and millions spent on legal fees, confirmed Pellegrino. He added that his firm decided to settle because it was the best course of action and fighting a legal battle “was not us.”
In a post on X (formerly Twitter), the LayerZero chief executive announced that the “original repurchase has been returned to the estate”, while highlighting that he is “happy to have less calls with lawyers and full focus towards building”. Pellegrino also sent out a memo to the investors in LayerZero Labs, stating:
“We’ve worked around the clock for the past 72 hours to structure an agreement and have bought FTX/FTX Ventures/Alameda out of 100% of their equity position, token warrants, and any and all agreements b
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