FTX files billion-dollar lawsuit against ByBit over asset withdrawals

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FTX files billion-dollar lawsuit against ByBit over asset withdrawals

The FTX bankruptcy estate, headed by CEO John J. Ray III, has filed a lawsuit against ByBit, its investment arm Mirana, and various executives. The aim is to recover funds and digital assets that ByBit withdrew from FTX just before its collapse, with the current value close to $1 billion.

The suit claims ByBit used its “VIP” access and ties with FTX staff to withdraw significant cash and digital assets from Mirana, Time Research (another entity linked to ByBit), and executives just before FTX’s collapse.

Screenshot of the FTX lawsuit against ByBit. Source: Kroll

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