There is a story weighing almost a billion kuna that is stirring up the entire crypto world.
There is another case that takes center stage in FTX’s complex bankruptcy proceedings. The curators of the now defunct stock exchange applied for return From 935 million dollars by entities that are connected with Bybit. Although the sum is important and easily deserves the headlines, the situation must also be explained in order to understand what risks BBybit is exposed to.
We talk about fraudulent transferswhich according to the regulations of back United States of America, Bybit could be back.
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A very complex cause
Let’s start at the beginning: whoever is handling FTX’s bankruptcy proceedings has just filed a legal claim to recover nearly $1 billion belonging to Bybit-controlled companies that was withdrawn in an “unfair” manner, at least according to the complaint.
According to FTX’s allegations, Bybit was able to recover these amounts thanks to privileged channels that were not available to ordinary users. And that would be enough to start what is called in the USA backor the power to obtain a refund of an amount where it was obtained despite knowledge of the imminent bankruptcy of the company.
However, before fearing for the future of Bybit, there are a few more caveats: these are very complex legal issues that will drag on for years in the absence of an agreement.
Second, the amount remains a credit of Bybit and its subsidiaries to FTX, even if that amount would be included in the assets of FTX. Bybit would continue to boast credits, which, however, will be worth less than what was reported at the nominated level.
There are other related legal disputes involving agreements to exchange tokens as early as 2021, and also Bybit’s control of BitDAO. These are complex questions and can we afford it minors compared to the main.
The judges will decide, unless there is an agreement between the two entities. Bybit certainly risks losing part of that money, but we are far from being able to consider the matter over.
We will continue to follow the case, although we have to start from here (that is, from the absence of conclusions, at least for now).
We add that it is back it is a discipline present in US law, which however must meet fairly strict requirements. It is not certain that the judge in charge of the case will grant it to FTX.