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The bankruptcy estate of failed crypto exchange FTX filed a lawsuit against Bybit, its investment arm, Mirana, and several executives to recover $953 million Bybit withdrew from FTX just before its collapse. 

According to reports by Bloomberg, FTX’s bankruptcy estate, headed by CEO John J. Ray, filed a lawsuit against crypto exchange Bybit and two of its corporate affiliates to recoup cash and asset valued at around $953 million that was withdrawn from FTX before it filed for Chapter 11 bankruptcy. 

Bybit Received Massive Transfers Just Days Before FTX Halted Withdrawals

The legal complaint filed in Delaware is aimed at Bybit Fintech Ltd., its investment arm, Mirana, and several executives. The suit claims that Mirana “received gross transfers from FTX.com of digital assets currently valued at approximately $838 million.” The filing explains that about $500 million of the funds mentioned above were transferred in the days before FTX halted its customer withdrawals on November 8, 2022. According to the lawsuit, an additional $115 million in digital and fiat assets were transferred to entities and individuals associated with Bybit and its investment arm, Mirana. 

The filing states:

“As with Mirana, the majority of these assets – more than $61 million – were withdrawn in the final days before FTX.com and FTX US disabled withdrawals.”

According to the FTX bankruptcy estate, Bybit received “VIP” status on its platform. In the days prior to the exchange’s Chapter 11 filing, Mirana and its associates “raced to withdraw assets” from their account. <

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Author: Jana Serfontein

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