FTX Sues Crypto Exchange Bybit to Recover $953 Million in Cash and Assets

null By Becky YerakNov. 13, 2023 4:39 pm ET|WSJ ProBybit operates one of the world’s largest cryptocurrency trading exchanges. Photo: karim sahib/Agence France-Presse/Getty ImagesBankrupt cryptocurrency exchange FTX has filed a lawsuit against Bybit Fintech and two affiliates to try to claw back assets valued at $953 million that were withdrawn shortly before FTX’s November 2022 collapse.The lawsuit, filed Friday in the U.S. Bankruptcy Court in Wilmington, Del., alleges that Bybit’s investment arm, Mirana, “leveraged its VIP connections to pressure FTX group employees to fulfill its withdrawal requests as soon as assets became available.”Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Stay on top of inflation and monetary policy.News and commentary to help you monitor and analyze shifts in the world economy and the policies of central banks.SIGN INSUBSCRIBE

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Opinion Nov 13, 2023 Add to Reading List

FTX Sues Crypto Exchange Bybit to Recover $953 Million in Cash and Assets

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By Becky Yerak

Nov. 13, 2023 4:39 pm ET|WSJ Pro

Bybit operates one of the world’s largest cryptocurrency trading exchanges. Photo: karim sahib/Agence France-Presse/Getty Images

Bankrupt cryptocurrency exchange FTX has filed a lawsuit against Bybit Fintech and two affiliates to try to claw back assets valued at $953 million that were withdrawn shortly before FTX’s November 2022 collapse.

The lawsuit, filed Friday in the U.S. Bankruptcy Court in Wilmington, Del., alleges that Bybit’s investment arm, Mirana, “leveraged its VIP connections to pressure FTX group employees to fulfill its withdrawal requests as soon as assets became available.”