Crypto
$1.8 Billion Lawsuit Sees Binance and CZ Face FTX Trust Claims
FTX Trading Ltd.'s recovery trust is pursuing Binance Holdings Ltd. and its former CEO Changpeng Zhao for $1.76 billion in a lawsuit related to a share repurchase agreement.
The agreement, made in 2021, involved the transfer of funds from FTX to Binance, but the recovery trust alleges that these transfers were fraudulent.
A US Bankruptcy Court for the District of Delaware judge has ruled that Binance and Zhao must defend against the claim, despite previously defeating claims related to damages resulting from the November 2022 collapse of FTX's rival cryptocurrency exchange.