Collapsed cryptocurrency company FTX is suing Binance and its former CEO Changpeng Zhao, alleging that $1.8-billion was “fraudulently transferred” by FTX management to Binance and its executives.
According to the lawsuit, FTX’s Alameda Research division directly funded the share repurchase using tokens which had a then fair market value of $1.76-billion. Alameda, the lawsuit alleges, was insolvent at the time of buying the shares and could not therefore afford to fund the transaction and it should not have been allowed to proceed.
Arch-rival Binance, then led by Zhao, was set to come to its rescue and buy FTX’s non-U.S. unit as it struggled to stay afloat in November 2022, before Binance withdrew its offer.
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