FTX Sues Binance and CZ for $1.8 Billion; Alameda Research Targets Waves Founder
- FTX Seeks $1.8 Billion clawback from Binance, alleging fraudulent 2021 share repurchase.
- Alameda sues Waves founder, claims $90 million misappropriated via Vires finance.
- FTX Accuses Zhao of misleading tweets, citing role in exchange’s collapse.
FTX has filed a lawsuit against Binance Holdings Ltd. and its former CEO, Changpeng Zhao, to recover approximately $1.8 billion. The FTX estate alleges that this amount was illegally transferred by FTX’s former head, Sam Bankman-Fried.
The lawsuit details a July 2021 stock repurchase transaction between Binance and FTX’s co-founder, Bankman-Fried. In this agreement, Binance and Zhao sold stakes totaling about 20% in FTX’s international arm and 18.4% in its U.S.-based entity.
FTX asserts that Bankman-Fried funded this $1.76 billion deal using FTX’s token, FTT, BNB, and BUSD. FTX also accuses Zhao of releasing misleading information about FTX that contributed to its collapse, citing a tweet by Zhao on November 6, 2022, where he announced Binance’s plans to sell its FTT tokens, valued at approximately $529 million.
Alameda Research’s Lawsuit
On the same day, Alameda Research filed a l…
The post FTX Sues Binance and CZ for $1.8 Billion; Alameda Research Targets Waves Founder appeared first on Coin Edition.
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FTX Sues Binance and CZ for $1.8 Billion; Alameda Research Targets Waves Founder
- FTX Seeks $1.8 Billion clawback from Binance, alleging fraudulent 2021 share repurchase.
- Alameda sues Waves founder, claims $90 million misappropriated via Vires finance.
- FTX Accuses Zhao of misleading tweets, citing role in exchange’s collapse.
FTX has filed a lawsuit against Binance Holdings Ltd. and its former CEO, Changpeng Zhao, to recover approximately $1.8 billion. The FTX estate alleges that this amount was illegally transferred by FTX’s former head, Sam Bankman-Fried.
The lawsuit details a July 2021 stock repurchase transaction between Binance and FTX’s co-founder, Bankman-Fried. In this agreement, Binance and Zhao sold stakes totaling about 20% in FTX’s international arm and 18.4% in its U.S.-based entity.
FTX asserts that Bankman-Fried funded this $1.76 billion deal using FTX’s token, FTT, BNB, and BUSD. FTX also accuses Zhao of releasing misleading information about FTX that contributed to its collapse, citing a tweet by Zhao on November 6, 2022, where he announced Binance’s plans to sell its FTT tokens, valued at approximately $529 million.
Alameda Research’s Lawsuit
On the same day, Alameda Research filed a l…
The post FTX Sues Binance and CZ for $1.8 Billion; Alameda Research Targets Waves Founder appeared first on Coin Edition.
Read More