FTX Consultants File Lawsuit Against Bybit
FTX consultants have taken legal action against Bybit, a crypto exchange, in an attempt to recover digital and monetary assets totaling $953 million. The lawsuit alleges that Bybit withdrew these assets just before FTX filed for Chapter 11 bankruptcy in November 2022. The legal action targets Bybit Fintech, Mirana, and Time Research, as well as specific individuals associated with these entities. It accuses them of using their privileged status to expedite asset withdrawals while other users faced delays.
Despite FTX suspending withdrawals, the lawsuit claims that Mirana managed to remove over $327 million from the exchange. Chapter 11 allows insolvent businesses to reclaim funds disbursed before bankruptcy filing. In the meantime, FTX is also exploring potential acquisition offers from companies like Figure Technologies and Proof Group.
Hot Take: FTX Aims for Resurrection Amid Legal Battle
As FTX fights legal battles to recover assets, it is also considering acquisition offers from various companies and liquidating SOL tokens to generate additional cash. Meanwhile, its native token, FTT, has experienced significant growth in trading volume and value.
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