Cryptocurrency exchange FTX files multiple lawsuits to recover funds, demanding return of approximately $2.71 billion from Binance
FTX, a cryptocurrency exchange that went bankrupt in 2022 and received approval for
FTX Sues Binance, Former CEO Zhao Seeking $1.8 Billion Clawback - Bloomberg
https://www.bloomberg.com/news/articles/2024-11-11/ftx-sues-binance-former-ceo-zhao-seeking-1-8-billion-clawback
FTX sues crypto exchange Binance and its former CEO Zhao for $1.8 billion
https://www.cnbc.com/2024/11/11/ftx-sues-crypto-exchange-binance-and-its-former-ceo-zhao-for-1point8-billion.html
After Anthony Scaramucci, FTX Sues Binance And Ex-CEO Changpeng 'CZ' Zhao To Reclaim $1.8B Amid Bankruptcy Tussle - Benzinga
https://www.benzinga.com/markets/cryptocurrency/24/11/41873479/after-anthony-scaramucci-ftx-sues-binance-and-ex-ceo-changpeng-cz-zhao-to-reclaim-1-8b-amid-bankruptcy-tussle
FTX was founded in 2019 and was a major cryptocurrency exchange, but on November 11, 2022, it filed for Chapter 11 bankruptcy and effectively went bankrupt. However, it was not a business failure, and some have pointed out that the founders had received large amounts of 'personal loans' from the company, so this was not an accident but a criminal act.
The collapse of the cryptocurrency exchange 'FTX' is not an accident but a 'crime' - GIGAZINE
Founder Sam Bankman-Freed was arrested by Bahamian police in December 2022 and sentenced to 25 years in prison in March 2024, but is appealing the sentence.
Sam Bankman-Fried, founder of collapsed cryptocurrency exchange FTX, sentenced to 25 years in prison - GIGAZINE
According to a complaint filed in the Delaware Bankruptcy Court, which is handling FTX's bankruptcy case, the company is suing the cryptocurrency exchange Binance and its founder and former CEO, Changpeng Zhao, to recover $1.76 billion.
In 2021, Binance and Zhao sold 20% of their FTX shares and 18.4% of the shares of the US corporation West Realm Shires to FTX when they withdrew their investments in FTX. The buyback of the shares was handled by Alameda Research, an affiliate of FTX, and payment was made in trading tokens and stable coins.
The complaint alleges that Alameda Research was insolvent at the time of the transactions and describes the transactions between Bankman-Fried, Binance and Zhao as 'constructive fraudulent transactions.'
A Binance spokesperson told the news site Benzinga, 'FTX's claims are without merit and we will vigorously defend ourselves.' FTX has not commented.
Prior to suing Binance, FTX also sued Anthony Scaramucci, who served as spokesman for the first Trump administration, and Scaramucci's hedge fund, SkyBridge Capital.
FTX Sues Scaramucci to Recoup Money for Creditors - Bloomberg
https://www.bloomberg.com/news/articles/2024-11-09/ftx-sues-scaramucci-to-recoup-money-poured-in-showy-investments
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