Crypto
Binance Affiliates Sue RedotPay Founders for $470 Million Crypto Scheme
Binance Holdings-affiliated entities Nest Trading Ltd., DistributedTechnologies Ltd., and Chaintecs Consulting Singapore Pte have filed a lawsuit against the founders of Hong Kong-based crypto payments firm RedotPay.
The lawsuit, valued at nearly half a billion dollars, alleges that RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao engaged in a 'fraudulent scheme' by diverting hundreds of thousands of customers to a competing product.
The alleged scheme occurred last year, according to the agreement signed between the parties. The Binance affiliates claim that RedotPay's actions resulted in significant losses for their users.