FTX Sues Bybit to Claw Back $953M in 'Misappropriated Funds'

CoinDeskPolicyPublicado em 2023-11-12Última atualização em 2023-11-13

Resumo

The FTX estate says the funds were "preferentially" or "fraudulently" transferred to Bybit and affiliates in the lead up to its November 2022, bankruptcy filing.

The estate of bankrupt crypto firm FTX has sued exchange platform Bybit to try and recover a total of $953 million transferred to the latter's investment arm, court filings from Friday show.

Efforts so far to claw back what it says were "misappropriated funds" have included suing former FTX executives and even the parents of founder Sam Bankman-Fried.

10

Friday's legal complaint filed in Delaware targets Bybit Fintech Ltd., its investment arm Mirana and several individuals, including Mirana executive Sean Tan. It alleges the investment unit "received gross transfers from FTX.com of digital assets currently valued at approximately $838 million," of which about $500 million were transferred in the days before FTX halted withdrawals on Nov. 8, 2022.

A D V E R T I S E M E N T
A D V E R T I S E M E N T

The suit also alleges an additional $115 million in digital and fiat assets were transferred to entities and individuals affiliated with Bybit and Mirana.

"As with Mirana, the majority of these assets – more than $61 million – were withdrawn in the final days before FTX.com and FTX US disabled withdrawals," the complaint said.

The FTX estate claims Bybit was given VIP status on the exchange, and that, in the days leading up to the bankruptcy filing, Mirana and affiliates "raced to withdraw assets" from their FTX accounts.

"Mirana leveraged its VIP connections to pressure FTX Group employees to fulfill its withdrawal requests as soon as assets became available, further reducing the funds available to meet withdrawal requests by FTX.com’s non-VIP customers," the complaint said, adding that FTX employees also repeatedly changed Mirana’s Know-Your-Customer (KYC) settings in the days prior to the withdrawals pause.

The suit seeks the return of assets "preferentially" or "fraudulently" transferred to Bybit and affiliates that are now allegedly "held hostage" by the latter.

FTX's former management has been accused of misappropriating customer funds by the estate's new management and the U.S. government. Bankman-Fried was recently found guilty of fraud against FTX customers by a New York jury and faces jail time when sentenced next year.

CoinDesk has reached out to Bybit for comment.

Edited by Sheldon Reback.


Leituras Relacionadas

As analysts turn bullish on Bitcoin, is this the best time to buy BTC’s dip?

Analysts are turning bullish on Bitcoin as a recent market flush cleared over $1.8 billion in leveraged positions, primarily longs, resetting excessive leverage. With macro fears easing and potential rotation back into risk assets, some see the current dip as a buying opportunity for Q3. However, significant risks remain. Over 10.8 million BTC are held at a loss, a record high, with 37% of long-term holders underwater. Weak spot demand, increased Fed rate hike expectations, and the threat of long-term holder capitulation suggest the market may be underestimating downside potential. The recovery thesis depends on the return of strong spot demand.

ambcryptoHá 46m

As analysts turn bullish on Bitcoin, is this the best time to buy BTC’s dip?

ambcryptoHá 46m

Ark Invest Buys The Dip In Regulated Crypto Equities During Market Pullback

Ark Invest, led by Cathie Wood, reportedly purchased shares in regulated crypto-linked equities during a recent market pullback. According to ARK's trade notifications cited in a source batch, the firm bought shares of Coinbase, Circle, Bullish, and Robinhood on June 25, 2026, across several of its ETFs. This move provides exposure to different segments of the regulated crypto ecosystem, including exchanges, stablecoin infrastructure, and retail brokerage. The buying activity signals continued institutional interest in public crypto infrastructure despite weak market conditions, aligning with ARK's strategy of accumulating high-conviction innovation names during downturns. It also reflects the growing institutionalization of crypto markets, where public companies now operate across trading, settlement, and stablecoin layers. Key points to watch include whether ARK continues to buy if weakness persists and how these equities perform relative to direct crypto assets like Bitcoin. The story highlights that crypto market exposure now extends beyond spot tokens to include regulated public equities, with market dynamics influenced by a complex mix of macro data, regulation, and company-specific factors.

bitcoinistHá 2h

Ark Invest Buys The Dip In Regulated Crypto Equities During Market Pullback

bitcoinistHá 2h

Stellar’s $0.142 test – Why it may be the buying chance traders await

Stellar's XLM extended its decline, dropping 7.85% to $0.1514 despite a 10.55% increase in trading volume. This suggests active selling rather than support for a recovery. Key technical indicators point to persistent bearish control. XLM broke a key horizontal support and remains below a descending trendline, with the MACD in a bearish crossover and Parabolic SAR dots above the price. The RSI is at 34.42, nearing oversold territory, and the DMI shows bearish momentum is intact. The analysis indicates XLM is likely to drift toward the next major demand zone at $0.142 before any potential recovery attempt can gain traction.

ambcryptoHá 2h

Stellar’s $0.142 test – Why it may be the buying chance traders await

ambcryptoHá 2h

Aave Founder Dismisses Reports Of Payward’s ‘70% Discount’ Stake Purchase

Aave founder Stani Kulechov has dismissed reports claiming that Kraken's parent company, Payward, was negotiating to purchase a 15% stake in Aave Group at a steep 70% discount. The reported deal proposed a $71 million investment at a $385 million valuation, which was framed as a significant discount compared to AAVE's fully diluted token valuation. Kulechov rejected this narrative, stating AAVE would not be sold at such a discount, and highlighted Aave's protocol revenue. The article clarifies the distinction between different entities within the Aave ecosystem—Aave Group, Aave Labs, Aave DAO, and AAVE token holders—noting that an equity discussion in a related company does not equate to selling the protocol or transferring DAO control. It underscores the sensitivity of major DeFi protocols to strategic investment rumors and the importance of accurate terminology to avoid misleading readers. While strategic discussions are common in the crypto sector, Kulechov specifically denied the discounted sale framing. The situation highlights that future developments should be monitored via official Aave channels, and market reactions may depend on whether token holders view the denial as value-supportive or focus on potential future distributions. The key takeaway is the founder's rejection of the 70% discount story, while leaving room for strategic partnerships under different terms.

bitcoinistHá 2h

Aave Founder Dismisses Reports Of Payward’s ‘70% Discount’ Stake Purchase

bitcoinistHá 2h

XRP’s Q3 prediction: How RLUSD’s liquidity shock can help price shoot up

XRP's Q3 price prediction hinges on RLUSD's significant liquidity concentration on the XRP Ledger (XRPL). Data shows RLUSD supply on XRPL now exceeds $804 million, overtaking Ethereum's share and comprising over 52% of its total supply. This liquidity shift is driven by RLUSD's regulatory approval in Japan and strong on-chain inflows, contrasting with stablecoin outflows on Ethereum. Technical analysis notes a range-bound XRP/ETH ratio, while institutional capital flows also favor XRP, with spot ETF inflows versus Ethereum outflows. This convergence of factors suggests a potential breakout for XRP, with price targets looking toward the $1.5-$2 range in Q3.

ambcryptoHá 3h

XRP’s Q3 prediction: How RLUSD’s liquidity shock can help price shoot up

ambcryptoHá 3h

Trading

Spot
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow