FTX's $953M Asset Recovery Battle: Legal Action Against Bybit Amid Bankruptcy （2）

The lawsuit aims to recover the $953 million in assets Mirana withdrew from FTX, including over $327 million withdrawn between 7 November and 8 November last year. The lawsuit also implicates another crypto trading firm, Time Research Ltd, and a Mirana executive, suggesting that some Singaporean residents may have benefited from these withdrawals. FTX's Ongoing Asset Recovery Efforts The legal action aligns with FTX's broader efforts to recover funds withdrawn before its collapse. FTX aims for an equitable distribution of assets among all victims of its failure. Since the commencement of bankruptcy processes, FTX has recovered $7 billion worth of assets. Lawsuits and Recovery Strategies FTX has filed various lawsuits, including against its former executives like Sam Bankman-Fried, Caroline Ellison, Gary Wang, and Nishad Singh. The failed firm has also filed lawsuits against several other entities, including K5 Global, that received funds from it. Concurrently, the FTX estate is engaged in optimising its cryptocurrency holdings, with a transfer of more than $300 million in crypto assets, encompassing Solana and Ethereum, to exchanges by 8 November.