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Fortune
Fortune
Leo Schwartz

FTX claims Bybit, one of world’s largest crypto exchanges, used VIP status to pull hundreds of millions of dollars during collapse

FTX Bybit Sam Bankman-Fried United States Crypto John Ray John Ray III Alameda Lawsuit Caroline Ellison
(Credit: Tom Williams—CQ-Roll Call via Getty Images)

The bankruptcy estate of FTX filed its latest lawsuit on Friday as part of its attempt to make customers whole, suing the crypto exchange Bybit for nearly $1 billion.

After FTX collapsed in November 2022 under Sam Bankman-Fried, the new leadership stewarded by John J. Ray III has sought to claw back funds from insiders, customers, and recipients of FTX's investments. Friday's lawsuit represents one of the largest claims as part of the bankruptcy proceedings.

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