In a bold move to recoup financial losses, the FTX bankruptcy estate has filed a $1.8 billion lawsuit against major crypto exchange Binance and its former CEO, Changpeng Zhao (CZ). According to Bloomberg, FTX’s pursuit of damages from Binance and Zhao represents a significant escalation in the ongoing bankruptcy proceedings. The suit alleges that Binance attempted to withdraw resources from FTX during a critical period, further destabilizing FTX’s financial position.
Over 20 Lawsuits Filed by FTX Bankruptcy Estate
In addition to the suit against Binance and Zhao, FTX has filed over 20 lawsuits targeting various companies and individuals. These legal actions are part of FTX’s effort to gather funds to compensate creditors. Among those named in other cases are SkyBridge Capital CEO and former Trump advisor Anthony Scaramucci, the developers of the game Storybook Brawl, and Deltec Bank President Jean Chalopin. Allegedly, these companies and individuals engaged in transactions that exacerbated FTX’s financial burden.
Alameda Research Pursues $90 Million Lawsuit Against Waves Founder
FTX’s subsidiary, Alameda Research, is also actively working to recover funds. Recently, Alameda filed a $90 million lawsuit against the founder of altcoin Waves (WAVES), citing allegations of market manipulation and unjust profits. Following Binance’s delisting of WAVES from its platform in June, the token experienced a 30% price drop and is currently trading at $1.12 with a market cap of $112.3 million.
The extensive legal measures taken by the FTX estate and Alameda Research suggest that tensions in the crypto market may escalate further, impacting market sentiment and stability.
FTX, Binance, Changpeng Zhao, Alameda Research, lawsuit
