The lawsuit against Binance alleges that in July 2021, FTX co-founder Sam Bankman-Fried fraudulently transferred $1.76 billion in a share repurchase deal while FTX was insolvent.
FTX claims Zhao's false tweets about liquidating $529 million worth of FTX tokens triggered massive withdrawals that ultimately led to their collapse and exposed major fraud.
Despite the accusations, Binance maintains that the claims are meritless, vowing to rigorously defend itself against the allegations brought forth by the FTX estate.
The SEC noted that FTX's downfall was primarily due to Bankman-Fried's misappropriation of customer funds, characterizing the operation as fraudulent from the beginning.
Collection
[
|
...
]