{"id":195788,"date":"2023-11-11T09:39:24","date_gmt":"2023-11-11T09:39:24","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=195788"},"modified":"2023-11-11T09:39:24","modified_gmt":"2023-11-11T09:39:24","slug":"ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/","title":{"rendered":"FTX Sues ByBit for $953M in VIP Withdrawal Scandal &#8211; Coinpedia Fintech News"},"content":{"rendered":"<ul>\n<li>\n<p><span>FTX is suing ByBit to recover $953 million in cash and digital assets.<\/span><\/p>\n<\/li>\n<li>\n<p><span>ByBit is accused of using VIP benefits to withdraw funds from FTX before it filed for bankruptcy.<\/span><\/p>\n<\/li>\n<li>\n<p><span>FTX is using Chapter 11 bankruptcy to recover funds disbursed before the bankruptcy filing.<\/span><\/p>\n<\/li>\n<\/ul>\n<p>Well, who would have seen this coming? FTX, a leading cryptocurrency exchange, has launched a lawsuit against ByBit Fintech Ltd and its affiliated entities. The high-stakes legal battle revolves around FTX&#8217;s pursuit of approximately $953 million in cash and digital assets. Shockingly, claims have surfaced that ByBit hastily withdrew all funds just before FTX filed for Chapter 11 bankruptcy a year ago.<\/p>\n<p>Now, what could this mean for you &#8211; the investor? Let&#8217;s dive into the details.<\/p>\n<h3>VIP Scandal &#8211; Exposed!<\/h3>\n<p>FTX, a cryptocurrency exchange, filed a lawsuit against ByBit in a Delaware court on Friday; the lawsuit claims that Bybit\u2019s investment arm, Mirana Corporation, enjoyed exclusive &#8220;VIP&#8221; benefits not accessible to most FTX customers. Mirana allegedly leveraged these privileges to swiftly remove a substantial portion of its assets from FTX before its collapse in November 2022.\u00a0<\/p>\n<p>The complaint highlights Mirana&#8217;s exertion of pressure on FTX employees to fulfill its withdrawal requests while regular customers faced prolonged delays.&nbsp;<\/p>\n<p>Currently, representatives for Bybit have not responded to requests for comments on the lawsuit, and an FTX spokesperson has declined to provide a statement.<\/p>\n<h2><strong>Chapter 11 in Action<\/strong>!<\/h2>\n<p>Chapter 11 bankruptcy typically enables failed companies to recover funds in the months leading up to the bankruptcy filing. This provision aims to prevent certain creditors from gaining an unfair advantage solely because they managed to withdraw their funds before the company&#8217;s failure.&nbsp;<\/p>\n<p>The lawsuit seeks to recover assets valued at approximately $953 million, including over $327 million that Mirana allegedly withdrew from FTX between the early morning of November 7 and November 8, 2022, when FTX suspended withdrawals.<\/p>\n<p>This legal action represents the latest effort by FTX\u2019s new management to reclaim funds disbursed before the Chapter 11 filing in November of the previous year.<\/p>\n<p>Read More: Gary Gensler: FTX Could Make A Comeback; Here\u2019s How<\/p>\n<h2>FTT Shines Bright in the Spotlight<\/h2>\n<p>While all this legal drama goes down, FTX&#8217;s in-house token, FTT, is making headlines. It pulled off a crazy 97% jump in just one day, stealing the show among the top 50 cryptocurrencies since the beginning of 2023. Add that to the momentum from the day before, and FTT is showing off with a jaw-dropping 240% gain in just two days.<\/p>\n<p>Read More: FTT Price Surges 60% Amid Rumors Of FTX Exchange Relaunch?<\/p>\n<p>Surprisingly, FTT managed to break through a crucial resistance level at $4.55 during trading hours, hinting at the possibility of solid support for the altcoin.<\/p>\n<p><strong>Is FTX grasping for straws now, or do you think the lawsuit is legit? Tell us!<\/strong><\/p>\n<p>Source: <a href=\"https:\/\/coinpedia.org\/news\/https:\/\/coinpedia.org\/news\/bybit-under-fire-ftx-files-lawsuit-seeking-the-return-of-1-billion-in-assets\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX is suing ByBit to recover $953 million in cash and digital assets. ByBit is&#8230;<\/p>\n","protected":false},"author":4,"featured_media":195787,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FTX Sues ByBit for $953M in VIP Withdrawal Scandal - Coinpedia Fintech News - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX Sues ByBit for $953M in VIP Withdrawal Scandal - Coinpedia Fintech News - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"FTX is suing ByBit to recover $953 million in cash and digital assets. ByBit is...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:site_name\" content=\"Tokens Talk\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-11T09:39:24+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/11\/FTX-Sues-ByBit-for-953M-in-VIP-Withdrawal-Scandal-Coinpedia-Fintech-News.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/\",\"url\":\"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/\",\"name\":\"FTX Sues ByBit for $953M in VIP Withdrawal Scandal - Coinpedia Fintech News - Tokens Talk\",\"isPartOf\":{\"@id\":\"https:\/\/tokenstalk.info\/#website\"},\"datePublished\":\"2023-11-11T09:39:24+00:00\",\"dateModified\":\"2023-11-11T09:39:24+00:00\",\"author\":{\"@id\":\"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab\"},\"breadcrumb\":{\"@id\":\"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/tokenstalk.info\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FTX Sues ByBit for $953M in VIP Withdrawal Scandal &#8211; Coinpedia Fintech News\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/tokenstalk.info\/#website\",\"url\":\"https:\/\/tokenstalk.info\/\",\"name\":\"Tokens Talk\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/tokenstalk.info\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/tokenstalk.info\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FTX Sues ByBit for $953M in VIP Withdrawal Scandal - Coinpedia Fintech News - Tokens Talk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/","og_locale":"en_US","og_type":"article","og_title":"FTX Sues ByBit for $953M in VIP Withdrawal Scandal - Coinpedia Fintech News - Tokens Talk","og_description":"FTX is suing ByBit to recover $953 million in cash and digital assets. ByBit is...","og_url":"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/","og_site_name":"Tokens Talk","article_published_time":"2023-11-11T09:39:24+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/11\/FTX-Sues-ByBit-for-953M-in-VIP-Withdrawal-Scandal-Coinpedia-Fintech-News.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/","url":"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/","name":"FTX Sues ByBit for $953M in VIP Withdrawal Scandal - Coinpedia Fintech News - Tokens Talk","isPartOf":{"@id":"https:\/\/tokenstalk.info\/#website"},"datePublished":"2023-11-11T09:39:24+00:00","dateModified":"2023-11-11T09:39:24+00:00","author":{"@id":"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab"},"breadcrumb":{"@id":"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/tokenstalk.info\/crypto\/ftx-sues-bybit-for-953m-in-vip-withdrawal-scandal-coinpedia-fintech-news\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/tokenstalk.info\/"},{"@type":"ListItem","position":2,"name":"FTX Sues ByBit for $953M in VIP Withdrawal Scandal &#8211; Coinpedia Fintech News"}]},{"@type":"WebSite","@id":"https:\/\/tokenstalk.info\/#website","url":"https:\/\/tokenstalk.info\/","name":"Tokens Talk","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/tokenstalk.info\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/tokenstalk.info\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/posts\/195788"}],"collection":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/comments?post=195788"}],"version-history":[{"count":0,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/posts\/195788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/media\/195787"}],"wp:attachment":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/media?parent=195788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/categories?post=195788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/tags?post=195788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}