Bybit Technology Limited secures dismissal of claims and setting aside of judgment in London Commercial Court proceedings

Bybit Technology Limited applied to be substituted as a party to proceedings originally brought by a pseudonymous party known as I.V. against, among others, Bybit Fintech Limited, a company registered in the British Virgin Islands. The underlying proceedings, commenced on April 28, 2023, also named certain categories of Persons Unknown as respondents. 

By an Order dated September 13, 2023, His Honour Judge Pelling KC entered judgment against certain categories of Persons Unknown and made delivery up orders against Bybit Fintech Limited. 

By an Order dated February 24, 2026, His Honour Judge Bird KC determined that: 

• Bybit Technology Limited is substituted as a party in place of the Sixth Respondent (Bybit Fintech Limited);
• The whole of the Claimant’s claim against the Sixth Respondent – now Bybit Technology Limited – is dismissed;
• The September 2023 Order is set aside against the Sixth Respondent – now Bybit Technology Limited – with effect from the date of the Order; and
• There be no Order as to costs.

The Court further ordered that the Order be made publicly available and is not subject to the earlier sealing Order made by His Honour Judge Bird on July 14, 2023. 

 The First Respondent (the original Claimant) agreed to the terms of the February 2026 Order.

Reed Smith partners Matthew Townsend and Oliver Rawkins, and associate Alston Wai acted for Bybit Technology Limited in this matter. 

About Bybit 

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, empowering over 80 million users. Since 2018, Bybit has been redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3.