FTX continues its pursuit to recover assets and has sued Bybit, accusing the fellow crypto exchange of benefiting from special treatment that allowed significant withdrawals before the collapse.
FTX’s bankruptcy advisors sued Bybit Fintech alongside two affiliates – investment arm Mirana and crypto trading firm Time Research – to recover cash and digital assets worth around $953 million, according to a lawsuit filed in a Delaware court.
The lawsuit accuses Mirana of benefiting from preferential treatment at FTX that allowed it to withdraw most of its assets prior to the collapse in November 2022. The target amount for recovery includes $327 million that was allegedly withdrawn between November 7 and 8. The suit also lists a senior Mirana executive and Singapore residents as defendants.
Since 2018
Dubai-headquartered Bybit was co-founded by Ben Zhou in 2018. Zhou was born in China but spent his teenage years in New Zealand and pursued his degree in the US. He would later return to his home country where he started his career at an FX brokerage firm before later establishing the crypto company.
Separately, FTX founder Sam Bankman-Fried was found guilty on seven counts of fraud and conspiracy earlier this month. If delivered the maximum sentence, he could face more than 100 years in prison.
