The lawsuit alleges that the ByBit exchange used special privileges that most FTX customers did not have in order to make an emergency withdrawal of their assets during the bankruptcy filing phase.
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Court filings show that on the morning of November 8, 2022, ByBit pressured FTX employees to comply with its requests to bypass an injunction to suspend withdrawals. The lawsuit seeks to return about $1 billion in assets to FTX’s bankruptcy estate.
There has been no official comment from the ByBit exchange on the FTX lawsuit.
The other day it was revealed that Tom Farley, former president of the New York Stock Exchange (NYSE), has joined the list of three bidders who will fight to buy bankrupt cryptocurrency exchange FTX.
Earlier, analysts at Nansen reported that three crypto exchanges – Kraken, Bybit and Bitget – benefited from the collapse of the FTX Group ecosystem and significantly increased their revenues.