Insolvent FTX exchange has laid serious allegations against rival crypto exchange, ByBit, filing a $953 million lawsuit against the Dubai-headquartered exchange on Friday in a court in Delaware, United States. 

FTX had stated that Mirana, an investment arm of ByBit, had been an avid user of the FTX crypto exchange for years and had an account with FTX.com that held hundreds of millions of dollars. 

Allegations Of Special Treatment

In the filing, FTX bankruptcy advisers accused Mirana of utilizing “special VIP privileges” to facilitate their withdrawals during the period FTX was experiencing insolvency challenges last year. 

“Mirana was an active trader on the FTX.com exchange, with an account balance that had grown to several hundred million dollars during the months leading up to the FTX Group’s collapse. Mirana’s trading activity and affiliation with Bybit also afforded it preferential treatment from FTX.com relative to the average FTX.com customer,” FTX filing stated. 

Total crypto market cap currently at $1.3 trillion. Chart: TradingView.com

As stated in the filing, Mirana had successfully achieved withdrawals presently valued at $838 million from FTX. About $500 million of assets withdrawn were collected during the final days of FTX co

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Author: Scott Matherson

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