FTX, a cryptocurrency exchange, has filed a lawsuit against Bybit and its affiliates, accusing them of using fraudulent tactics to withdraw $953.2 million from the FTX platform before it collapsed. The lawsuit alleges that Bybit and its affiliates had VIP privileges that allowed them to prioritize their withdrawals, leaving FTX’s non-VIP customers struggling to access their funds. Mirana, Bybit’s investment arm, and Time Research, a crypto trading firm affiliated with Mirana, are named as the corporate defendants in the lawsuit. FTX is seeking to recover the fraudulently withdrawn funds under Chapter 11 bankruptcy laws. The lawsuit also claims that Bybit used its control of FTX’s assets to leverage the release of Mirana’s account balance. FTX’s new management is making efforts to claw back funds paid out before the bankruptcy filing.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	None
Companies	FTX, Time Research, Alameda, Bybit, Mirana
Currencies	None
Securities	None