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FTX Sues Binance and CZ, Demanding Compensation of Up to $1.76 Billion.
At a time when Bitcoin is continuously reaching new all-time highs, a sensational lawsuit has emerged as FTX—the infamous collapsed cryptocurrency exchange—has filed a suit against Binance Holdings Ltd. and former CEO Changpeng Zhao (CZ). This information was disclosed by Sunil Kavuri, a representative of FTX’s largest creditor group. The claimed compensation amounts to $1.76 billion, alleged to be funds unlawfully transferred by Sam Bankman-Fried (SBF).
In the lawsuit, FTX specifies that Binance, CZ, and Binance’s leadership played a central role in the downfall of the FTX empire. The story traces back to November 2019, when Binance invested $18.3 million to acquire a 20% stake in FTX. By July 2021, SBF had repurchased all these shares for $1.76 billion, paid in FTT, BNB, and BUSD tokens. This transaction included Binance’s exit from both FTX International (20%) and FTX.US (18.4%). 2 replies
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