Movim • FTX sues Binance and its former CEO for $1.8bn

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FTX sues Binance and its former CEO for $1.8bn

news.movim.eu / TheGuardian • 11 November, 2024

Collapsed cryptocurrency company says $1.8bn was ‘fraudulently transferred’ to Binance and its executives

The collapsed cryptocurrency company FTX is suing Binance and its former CEO Changpeng Zhao, alleging that $1.8bn was “fraudulently transferred” by FTX management to Binance and its executives.

The lawsuit relates to Binance’s sale of its stake in Sam Bankman-Fried ’s FTX, which it acquired in 2019 but then negotiated to sell back to FTX in July 2021.