The estate of FTX has filed a lawsuit against rival firm Binance and its former CEO Changpeng Zhao in an effort to claw back nearly $1.8 billion linked to an allegedly “fraudulent” deal orchestrate…
The estate of FTX has filed a lawsuit against rival firm Binance and its former CEO Changpeng Zhao in an effort to claw back nearly $1.8 billion linked to an allegedly “fraudulent” deal orchestrated by Sam Bankman-Fried .is focused on a 2021 share repurchase deal between Bankman-Fried – who is currently in prison for fraud – and key Binance executives.
The now-defunct FTX’s caretakers allege the firm and its doomed sister cryptocurrency firm Alameda Research “may have been insolvent from inception and certainly were balance-sheet insolvent by early 2021” – meaning that the share repurchase deal was fundamentally fraudulent.
It was later revealed that Bankman-Fried stole billions of dollars in customer funds to prop up risky bets made by Alameda.
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