FTX Recovery Trust Seeks $1.76 Billion from Binance Over 2021 Share Buyback

A U.S. bankruptcy judge has allowed the FTX Recovery Trust to pursue Binance for at least $1.76 billion in connection with a 2021 share buyback, according to a recent ruling.

The trust alleges that Binance parties transferred assets worth at least $1.76 billion in connection with the repurchase of shares in FTX Trading and West Realm Shires in July 2021.

The transferred assets allegedly consisted of BUSD, BNB, and FTT tokens, which were valued at over $1.76 billion, according to the complaint.

Binance is accused of participating in fraudulent transfers and seeking recovery of the transferred property or its value through the lawsuit.