The litigation marks the latest escalation of tensions between two of the biggest names in crypto, after the meteoric collapse of FTX rocked the market.
In a Sunday filing with a Delaware court, FTX cites a 2021 transaction in which Binance, Zhao and others exited their investment in FTX, selling a 20% stake in the platform and a 18.4% stake in its U.S.-based entity West Realm Shires back to the company.
The estate of collapsed crypto exchange FTX has filed a suit against Binance and its former CEO Changpeng Zhao in an effort to wrest back at least $1.76 billion, citing a"fraudulent" share deal.In a Sunday filing with a Delaware court, FTX cites a 2021 transaction in which Binance, Zhao and others exited their investment in FTX, selling a 20% stake in the platform and a 18.4% stake in its U.S.-based entity West Realm Shires back to the company.
The FTX estate alleges that the share repurchase was funded by FTX's Alameda Research division through a combination of the company's and Binance's exchange tokens, as well as Binance's dollar-pegged stablecoin.
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