FTX is suing Binance for allegedly transferring $1.8 billion fraudulently, claiming the repurchase of shares was funded by an insolvent Alameda Research.
The lawsuit asserts that Alameda Research couldn’t afford to fund the share buyback from Binance, thus alleging that its management acted improperly.
FTX's administrators are seeking to recover at least $1.76 billion, claiming it was fraudulently taken from creditors to benefit Binance and its executives.
A spokesperson for Binance called the lawsuit’s claims 'meritless' and expressed commitment to defending against the allegations made by FTX.
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