FTX Sues Binance and Ex-CEO for $1.8 Billion Over Fraudulent Transfers

Reported 29 days ago

FTX, the collapsed cryptocurrency exchange, is suing Binance and its former CEO Changpeng Zhao for $1.8 billion, claiming that this amount was fraudulently transferred to Binance during a share repurchase deal. The lawsuit argues that FTX's Alameda Research, which facilitated the transaction, was insolvent at the time and should not have been able to fund the share buyback. FTX seeks to recover the funds for its creditors and additional damages. Binance denies the claims, describing them as meritless.

Source: YAHOO

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