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Fortune

Catherine McGrath

FTX sues Binance and former CEO Zhao for $1.8 billion received as part of a “fraudulent” share deal

Binance FTX Changpeng Zhao Sam Bankman-Fried Crypto Lawsuit

Former Binance CEO Changpeng Zhao during a news conference in Lisbon, Portugal in 2022. (Credit: Zed Jameson/Bloomberg—Getty Images)

The estate of defunct crypto exchange FTX filed a suit against Binance and its former CEO ChangPeng Zhao seeking to recoup almost $1.8 billion FTX alleges was “fraudulently” transferred to Binance and executives by Sam Bankman-Fried as part of a share deal.

In a filing with a Delaware court on Sunday, FTX alleges that Binance, Zhao and other executives received the funds as part of a share repurchase deal— where a company repurchases their own stocks— in July 2021. The suit asserts that Bankman-Fried facilitated the transaction, allowing Binance to sell their 20% stake in the platform and 18.4% stake in its U.S.-based entity back to FTX.

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