FTX sues Binance for $1.76B in battle of crypto exchanges founded by convicts

[+thexfile Subscriber²]

The bankruptcy estate of collapsed cryptocurrency exchange FTX has sued the company's former rival Binance in an attempt to recover $1.76 billion or more. The lawsuit seeks "at least $1.76 billion that was fraudulently transferred to Binance and its executives at the FTX creditors' expense, as well as compensatory and punitive damages to be determined at trial."

The complaint filed yesterday in US Bankruptcy Court in Delaware names Binance and co-founder and former CEO Changpeng Zhao among the defendants. FTX founder Sam Bankman-Fried sold 20 percent of his crypto exchange to Binance in November 2019, but Binance exited that investment in 2021, the lawsuit said.

 

https://arstechnica.com/tech-policy/2024/11/ftx-sues-binance-for-1-76b-in-battle-of-crypto-exchanges-founded-by-convicts/

[Jose_49]

Wait, is this for real?

I thought FTX was under scrutiny due to fraud and that they couldn't lift a finger.

The more you know.