FTX Sues Binance and CZ for $1.8B Over Fraudulent Transfer

Quick Summary:

FTX has filed a lawsuit against Binance and its former CEO, Changpeng Zhao, in a bid to recover nearly $1.8 billion.

The lawsuit, filed on November 10, alleges that Binance and Zhao received these funds as part of a fraudulent share repurchase deal in July 2021.

This led to a rapid collapse in the value of their assets, further destabilizing the exchange and leaving creditors with significant losses.

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Article Details

Author / Journalist: Sindhu

Category: Crypto

Markets: United Arab Emirates

Topics: FTT FTX Latest News Binance

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-11 @ 12:10:31 (3 days ago)

News Timezone: GMT +0:00

News Source URL: thenewscrypto.com

Language: English

Article Length: 330 words

Reading Time: 2 minutes read

Sentences: 28 lines

Sentence Length: 12 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TheNewsCrypto

News ID: 23518273

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About TheNewsCrypto

Main Topics: Crypto

Official Website: thenewscrypto.com

Update Frequency: 13 posts per day

Year Established: 2020

Headquarters: United Arab Emirates

News Last Updated: 15 hours ago

Coverage Areas: United Arab Emirates

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