FTX, amid its own bankruptcy woes, is taking on the cryptocurrency exchange ByBit to recover money that the latter withdrew using “special privileges” as FTX collapsed.
FTX bankruptcy advisers sued the cryptocurrency exchange ByBit to recover assets withdrawn from Sam Bankman-Fried prior to the bankruptcy filing. As reported by Bloomberg, the total withdrawn amount that FTX seeks to recover stands at $953 million. FTT price noted a near 100% surge in a single day, bringing the altcoin to trade at $4.49. On the other hand, the native token of the bankrupt exchange noted one of the highest single-day rises this year as the FTT price shot up by nearly 100%.
Per reports from Bloomberg, Miranda pressured FTX employees to complete their withdrawal request earlier than other FTX customers, who had to wait hours before being able to get their money back from the exchange. In fact, of the $953 million, over $327 million were withdrawn by Miranda Corp after FTX halted the withdraws on the exchange. ByBit has yet to respond to the lawsuit and the claims made by FTX.
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