FTX Sues Bybit and Affiliates Alleging Withdrawal of $953: Report

• FTX sues Bybit, its investment branch Mirana Corp, and an affiliated crypto exchange, Time Research.
• The platforms allegedly withdrew a total of around $953 in funds and assets using VIP benefits.
• Mirana withdrew over $327 million on November 7 and November 8, 2022.

In a strategic move, the perished crypto exchange FTX sued the crypto trading firm Bybit and two other corporate affiliates, alleging that the platforms gained “benefits” from FTX. According to the lawsuit filed by FTX, the platform intends to recover around $953 million in funds and assets that were reportedly withdrawn by the accused.

FTX claimed that Bybit’s investment branch, Mirana Corp, utilizing its exclusive “VIP” benefits, which the FTX members were deprived of, withdrew a majority of FTX assets before the platform filed for bankruptcy in November 2022. While ordinary customers and community members waited for a long to complete transactions, Mirana forced FTX employees to carry out their withdrawal requests at a faster pace.

Of the total $953 million, over $327 million was moved off by Mirana on November 7 and November…

The post FTX Sues Bybit and Affiliates Alleging Withdrawal of $953: Report appeared first on Coin Edition.