FTX sues crypto exchange Binance and its former CEO Zhao for $1.8 billion

The estate of the collapsed crypto exchange FTX is suing Binance and its former CEO Changpeng Zhao, seeking at least $1.76 billion over a “fraudulent” share deal.

The lawsuit, filed in Delaware, concerns a 2021 transaction where Binance and Zhao sold a 20% stake in FTX and an 18.4% stake in its U.S. entity, West Realm Shires, back to the company.

FTX claims the repurchase was funded by its insolvent Alameda Research division and involved Binance’s exchange tokens and stablecoins.

Binance denies the allegations, calling them meritless, CNBC has reported.

read more: https://www.cnbc.com/2024/11/11/ftx-sues-crypto-exchange-binance-and-its-former-ceo-zhao-for-1point8-billion.html

Links for B.C.

Visit My Website
https://bcbegley.com

Follow Me On Facebook
https://www.facebook.com/B.C.Begley

Subscribe To My Patreon
https://www.patreon.com/bcbegley

Watch Me On YouTube
https://www.youtube.com/channel/UCGoUf-QQTlTN-BIh3ERCE9A

Follow Me On Twitter
https://twitter.com/BC_News1

Watch Me On Rumble
https://rumble.com/c/c-280191

Follow Me On Gab
https://gab.com/BC_Begley

Follow Me On Truth Social
https://truthsocial.com/@BC_Begley

#FTX #Binance