Crypto
Binance Sues RedotPay Over Alleged Diversion of Millions in Crypto Users
Binance affiliates Nest Trading Ltd., DistributedTechnologies Ltd., and Chaintecs Consulting Singapore Pte have filed a lawsuit against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao.
The suit alleges that the defendants diverted over 470,000 Binance users to RedotPay's competing product in a 'fraudulent scheme,' claiming nearly half a billion dollars in losses.
Binance claims the diversion of customers contributed significantly to RedotPay's valuation and estimates lifetime value per customer at $925, resulting in $472.8 million in losses.