FTX sues Binance and former CEO Changpeng Zhao to reclaim $1.8 billion, alleging that Zhao's actions contributed to FTX's bankruptcy. The lawsuit revolves around FTX's acquisition of shares from Binance in 2021 for $1.76 billion using FTT, BNB, and BUSD tokens, while Alameda Research was facing financial difficulties.

FTX also claims that Zhao posted tweets that raised concerns about FTX's financial situation, leading to a rush of customer withdrawals that thwarted rescue efforts. CZ denies the allegations and Binance claims it will defend itself.