CosmicTaco

FTX Sues Binance and Ex-CEO for $1.8bn Over 'Fraudulent' Deal

CosmicTaco · 2024-11-12T08:34:30.367452+05:30

* Collapsed crypto exchange FTX is suing Binance and its former CEO Changpeng Zhao for $1.8bn over an allegedly fraudulent share deal, claiming it was funded mostly by stolen customer money. * The dispute relates to a July 2021 deal where Binance and Zhao sold their 20% stake in FTX back to the company for crypto tokens valued at $1.76bn. * FTX seeks to claw back the tokens for its bankruptcy estate, alleging the deal should not have taken place. Source: [Financial Times](https://www.ft.com/content/1de32cca-0094-4519-95d3-995abc8493ce)

Collapsed crypto exchange FTX is suing Binance and its former CEO Changpeng Zhao for $1.8bn over an allegedly fraudulent share deal, claiming it was funded mostly by stolen customer money.
The dispute relates to a July 2021 deal where Binance and Zhao sold their 20% stake in FTX back to the company for crypto tokens valued at $1.76bn.
FTX seeks to claw back the tokens for its bankruptcy estate, alleging the deal should not have taken place.

Source: Financial Times