Source: Financial Times [UK]
“Collapsed crypto exchange FTX is suing Binance and its former chief executive Changpeng Zhao for $1.8bn, over an allegedly ‘fraudulent’ share deal. The dispute relates to a July 2021 deal in which Binance, Zhao and other executives sold their roughly 20 per cent stake in FTX back to the company in exchange for crypto tokens valued at $1.76bn. The transaction, part of a repurchase deal agreed with founder Sam Bankman-Fried, should not have taken place, according to the lawsuit, which seeks to claw back the tokens for the FTX bankruptcy estate.” (11/11/24)