{"id":140760,"date":"2024-10-28T12:00:21","date_gmt":"2024-10-28T10:00:21","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=140760"},"modified":"2024-10-28T03:05:55","modified_gmt":"2024-10-28T01:05:55","slug":"ftx-settles-multimillion-lawsuit-with-bybit-as-bankruptcy-proceedings-advance","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/ftx-settles-multimillion-lawsuit-with-bybit-as-bankruptcy-proceedings-advance\/","title":{"rendered":"FTX Settles Multimillion Lawsuit With Bybit as Bankruptcy Proceedings Advance"},"content":{"rendered":"<p>This lawsuit, initiated in 2023, aimed to recover funds for repaying former customers and creditors of FTX.<\/p>\n<p>Under the terms of the <strong><a href=\"https:\/\/www.bloomberglaw.com\/public\/desktop\/document\/FTXTradingLtdDocketNo122bk11068BankrDDelNov112022CourtDocket\/44?doc_id=XQBV3HMT2F8HUOV83OJGH6MMG5\">settlement<\/a><\/strong>, FTX will retrieve $175 million in digital assets from Bybit and sell around $53 million in BIT tokens to Mirana Corp, an investment arm of the exchange. FTX&#8217;s legal representatives acknowledged the validity of their claims but pointed out that further litigation would be challenging, time-consuming, and costly.<\/p>\n<p>This agreement awaits court approval, with a hearing set for November 20, 2024, to finalize the terms between FTX and Bybit. The legal action stemmed from FTX&#8217;s initial $1 billion lawsuit filed in November 2023, which accused Bybit and Mirana of exploiting their &#8220;VIP&#8221; access to withdraw approximately $327 million in digital assets right before FTX&#8217;s collapse.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/crypto-trader-faces-mindblowing-55-million-loss-from-recent-trades\/\" title=\"Crypto Trader Faces Mindblowing $55 Million Loss From Recent Trades\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2023\/02\/whale-sea-240x170.webp\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Crypto Trader Faces Mindblowing $55 Million Loss From Recent Trades<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>Allegations claimed that Mirana and others had preferential withdrawal rights granted by FTX executives during the company&#8217;s crisis, which were documented in an internal database.<\/p>\n<p>This lawsuit is just one of several challenges the FTX estate has faced during its protracted bankruptcy process. Following the recent approval of FTX&#8217;s reorganization plan on October 7, 2024, by Judge John Dorsey, investors dropped their lawsuit against Sullivan &amp; Cromwell, the legal firm that previously represented FTX, amid accusations that the firm had knowledge of the fraud and benefited from its association with the company.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent development, the bankruptcy estate of FTX has reached a $228 million settlement with the Bybit exchange, as detailed in an October 24 legal filing.<\/p>\n","protected":false},"author":7,"featured_media":37048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-140760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others"],"acf":[],"yoast_head":"<!-- This site is optimized with 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