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

The estate of collapsed crypto exchange FTX is suing Binance and former CEO Changpeng Zhao for $1.76 billion, alleging a “fraudulent” share deal involving a 2021 transaction where Binance and Zhao sold their stakes back to FTX. The suit claims the share repurchase, funded by Alameda Research, was done when Alameda was insolvent, leading to the downfall of FTX. Binance denies the accusations and the lawsuit escalates tensions between the two crypto giants post-FTX’s bankruptcy and legal issues faced by Bankman-Fried and Zhao.

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