#FTX #Bybit #lawsuit #fraud #bankruptcy #cryptoexchange #VIPprivileges #withdrawal
FTX and Alameda bankruptcy advisers have filed a lawsuit against crypto exchange Bybit, its two corporate affiliates, and four senior executives, alleging fraud and a “fraudulent scheme” to withdraw cash and assets from the FTX platform before its collapse. The lawsuit aims to recover $953.2 million that was fraudulently withdrawn in the 90 days preceding the bankruptcy. It also accuses Bybit’s affiliate, Mirana, of using its VIP status to prioritize withdrawals and pressure FTX employees to fulfill its requests. Additionally, the lawsuit claims that Bybit used its control of FTX assets to force FTX to release Mirana’s account balance.
According to the lawsuit, Mirana, which had a trading account balance of several hundred million dollars, received preferential treatment due to its trading activity and affiliation with Bybit. Mirana’s VIP status allowed it to have access to FTX Group employees and concierge support, enabling it to prioritize its withdrawal requests over other FTX customers. The lawsuit alleges that Mirana used its connections to pressure FTX employees to fulfill its withdrawal requests, further depleting the funds available for non-VIP customers. Bybit, on the other hand, allegedly seized FTX assets held on its exchange to force FTX to release Mirana’s account balance. The lawsuit also accuses Bybit and its affiliates of repeatedly violating the automatic global stay on FTX properties and attempting to restrict and devalue cryptocurrency tokens held by FTX.
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