Technology
FTX Sues Binance, Ex-CEO Zhao Seeking $1.8 Billion Clawback
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FTX filed a lawsuit against Binance Holdings Ltd. and its former Chief Executive Officer Changpeng Zhao, seeking to claw back almost $1.8 billion it alleges was fraudulently transferred by Sam Bankman-Fried.
Binance, Zhao and other Binance executives received the funds as part of a July 2021 share repurchase deal with Bankman-Fried, the FTX co-founder who is now in prison. In that transaction, they sold stakes of about 20% in FTX’s international unit and 18.4% in its US-based entity, according to a legal filing from the FTX estate on Sunday.