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International Business Times
International Business Times
Business
Carla St. Louis

FTX Sues Crypto Exchange Binance For $1.8 Billion

Binance FTX Changpeng Zhao Crypto Changpeng CZ Zhao Alameda Research Lawsuit United States
Former Binance CEO Changpeng "CZ" Zhao arrives at federal court in Seattle, Washington, on April 30, 2024. (Credit: JASON REDMOND/AFP via Getty Images)

FTX is suing Binance and its former CEO, Changpeng Zhao, for $1.8 billion, accusing them of engaging in a fraudulent share deal in July 2021.

The lawsuit claims that Binance, Zhao and other executives sold their 20 percent stake in FTX back to the company in a repurchase deal in exchange for crypto tokens worth $1.76 billion. The lawsuit said the deal was funded by customer deposits.

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