FTX Sues Crypto Firm Bybit to Recover Assets Worth $953 Million

FTX’s bankruptcy advisers sued crypto exchange Bybit Fintech Ltd and two corporate affiliates to recover cash and digital assets valued at roughly $953 million that was withdrawn from Sam Bankman-Fried’s crypto exchange before it filed Chapter 11 a year ago.

The lawsuit filed Friday in Delaware court alleges Bybit’s investment arm, Mirana Corp., had special “VIP” benefits, which most FTX customers didn’t have, and used those special privileges to get most of its assets off Bankman-Fried’s platform before it collapsed in November 2022.

Mirana pressured FTX employees to fulfill its withdraw requests as regular customers of FTX.com waited hours ...