FTX sues Binance and former chief Zhao for $1.8bn

Collapsed crypto exchange FTX is suing Binance and former CEO Changpeng Zhao for $1.8bn over a “fraudulent” share deal, involving the sale of a 20% stake in FTX back to the company in exchange for crypto tokens. The lawsuit claims FTX and Alameda Research were insolvent, making the deal invalid, and alleges the transfer of cryptocurrency was a “constructive fraudulent transaction.” Binance denies the claims, while Zhao has not yet commented on the matter.

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