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Binance Sues RedotPay Co-Founders Over $470M Customer Diversion Scheme

Guavy AI Editorial Team
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Binance affiliates have filed a lawsuit against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao for allegedly diverting hundreds of thousands of customers to a competing product.

The Binance Holdings-affiliated entities Nest Trading Ltd., DistributedTechnologies Ltd., and Chaintecs Consulting Singapore Pte claim that the diversion resulted in nearly half a billion dollars in losses.

The lawsuit, filed in Hong Kong, alleges that RedotPay's actions constituted a 'fraudulent scheme' and violated the terms of an agreement signed last year.

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