FTX Sues Binance for $1.76 Billion, Accuses CZ of 'Reckless Disregard' for Its Customers

Quick Summary:

The lawsuit seeks to claw back billions of dollars in funds for FTX creditors, claiming that the original deal was made fraudulently.

In March 2024, he was sentenced to 25 years in prison after being found guilty of defrauding investors and misusing customer funds.

According to Ellison, Alameda was forced to borrow over $1 billion from FTX's customer deposits to cover the transaction.

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Article Details

Author / Journalist: Vismaya V

Category: Crypto

Markets: EstoniaMali

Topics: FTX bankruptcy Business Binance Cz Changpeng zhao Sam Bankman-Fried Ftx

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-11 @ 15:16:02 (2 days ago)

News Timezone: GMT +8:00

News Source URL: decrypt.co

Language: English

Article Length: 518 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 28 words per sentence (average)

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

Copyright Owner: © Decrypt

News ID: 23518419

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About Decrypt

Main Topics: Crypto

Official Website: decrypt.co

Update Frequency: 4 posts per day

Year Established: 2018

Headquarters: Estonia

News Last Updated: 10 hours ago

Coverage Areas: Estonia

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #63

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