FTX Sues Binance and CZ for $1.8B Over Fraudulent Transfer
Release: 2024/11/11 20:10 Reading: 971
FTX Files $1.8 Billion Lawsuit Against Binance and Changpeng Zhao
FTX has filed a lawsuit against Binance and its former CEO, Changpeng Zhao, seeking to recover nearly $1.8 billion. The lawsuit, filed on November 10, alleges that Binance and Zhao received these funds as part of a fraudulent share repurchase deal in July 2021.
Allegations of Fraud
FTX alleges that the share repurchase deal was fraudulent because FTX and its trading arm, Alameda Research, were insolvent at the time. The lawsuit claims that Bankman-Fried used FTX depositor funds to fund the transaction, which raised concerns about the legitimacy of the deal.
CZ's Role
The lawsuit also accuses Zhao of exacerbating the situation with damaging public statements. Zhao's tweets in November 2022, particularly one about Binance selling off its FTT holdings, allegedly triggered a massive withdrawal crisis at FTX. This led to a rapid collapse in the value of FTX's assets, further destabilizing the exchange and leaving creditors with significant losses.
Response from Binance
Binance has yet to respond in detail to the lawsuit, with a spokesperson dismissing the claims as meritless.
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