FTX takeslegalactionagainst Binance, previous CEO CZ for declared deceptive $1.76b transfer

FTX takeslegalactionagainst Binance, previous CEO CZ for declared deceptive $1.76b transfer

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  • In 2019, Binance obtained a 20% stake in collapsed FTX in a offer with Sam Bankman-Fried
  • In 2021, Binance and FTX concurred to a offer that saw FTX purchasing back the stake, amounting to $1.76bn in FTT, BNB, and BUSD
  • The transfer was done by Alameda Research, which was insolvent at the time and couldn’t manage the deal

FTX hasactually submitted a claim versus Binance and its co-founder and previous CEO Changpeng “CZ” Zhao to recover $1.76 billion over an declared deceitful transfer.

A filing from November 10 specified that Sam Bankman-Fried, FTX’s co-founder, fraudulently moved “at least $1.76 billion” to Binance and Binance executives in July 2021.

In March, Bankman-Fried was sentenced to 25 years in jail for defrauding consumers.

According to the submitting, the transfer was part of a repurchase offer inbetween Binance and FTX and shouldn’t have tookplace. The filing declares that in November 2019, Binance obtained a 20% equity stake in FTX with over one million in Binance’s BNB token in a offer with Bankman-Fried.

Around February 2020, Binance gotten a evenmore 18.4% in WRS, an umbrella business of Bankman-Fried based in the UnitedStates. However, in July 2021, the 2 celebrations concurred on a offer that saw FTX buy back Binance and its executives’ whole stakes in FTX and WRS.

This amounted to around $1.76 billion in FTX’s FTT token, BNB, and

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