FTX Sues Bybit and Affiliates Alleging Withdrawal of $953: Report

Published 11/11/2023, 12:01
Updated 11/11/2023, 12:15
FTX Sues Bybit and Affiliates Alleging Withdrawal of $953: Report
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  • FTX sues Bybit, its investment branch Mirana Corp, and an affiliated crypto exchange, Time Research.
  • The platforms allegedly withdrew a total of around $953 in funds and assets using VIP benefits.
  • Mirana withdrew over $327 million on November 7 and November 8, 2022.

In a strategic move, the perished crypto exchange FTX sued the crypto trading firm Bybit and two other corporate affiliates, alleging that the platforms gained “benefits” from FTX. According to the lawsuit filed by FTX, the platform intends to recover around $953 million in funds and assets that were reportedly withdrawn by the accused.

FTX claimed that Bybit’s investment branch, Mirana Corp, utilizing its exclusive “VIP” benefits, which the FTX members were deprived of, withdrew a majority of FTX assets before the platform filed for bankruptcy in November 2022. While ordinary customers and community members waited for a long to complete transactions, Mirana forced FTX employees to carry out their withdrawal requests at a faster pace.

Of the total $953 million, over $327 million was moved off by Mirana on November 7 and November 8, 2022, just before Sam Bankman Fried’s exchange paused withdrawals. The lawsuit has sued Bybit, Mirana, and an affiliated crypto exchange, Time Research Ltd, charging a senior Mirana executive as benefitted or played a crucial role in FTX withdrawals. FTX asserted in the lawsuit that the platform evaluated the funds withdrawn by the defendants according to the price of the assets on November 1.

In related news, FTX has been planning to relaunch while various suitors were on the rally to initiate the platform’s new journey. Recent updates on the matter revealed that New York Stock Exchange (NYSE) President Tom Farley’s Bullish is one of the suitors, while the other two include the fintech and digital assets firm Figure Technologies and the venture capital investor Proof Group.

The post FTX Sues Bybit and Affiliates Alleging Withdrawal of $953: Report appeared first on Coin Edition.

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