FTX targets Binance, claiming $1.8 billion from Zhao Changpeng! Former allies now turned 'enemies'
FTX's bankruptcy liquidation journey adds another chapter, this time aimed directly at Binance and its former CEO Zhao Changpeng (CZ), with claims amounting to $1.8 billion. Once regarded as a giant in the crypto space, FTX has now become a 'debt liquidation expert', striving to recover 'missing' funds from partners and investors. This action evokes nostalgia for the past camaraderie in the crypto world, now turned adversarial.
According to disclosed documents, FTX founder Sam Bankman-Fried (SBF) transferred $1.76 billion worth of FTT, BNB, and BUSD to Binance and some of its executives in July 2021, intended for selling part of FTX's shares. However, FTX's current management claims that the company was already in negative assets at the beginning of 2021, and the asset transfer is suspected to be fraudulent. The documents also point out that a series of 'misleading' tweets from CZ in 2022 directly accelerated the collapse of FTX. Notably, CZ's announcement on November 6th to sell all FTT tokens became the trigger that ignited the FTX bank run.
Now, FTX is also sparing no effort in its debt recovery journey, recently reaching a settlement with Bybit that allowed it to reclaim $228 million. This lawsuit against Binance might be another crucial step on FTX's path to liquidation. What will happen next? Follow Lao Chen, and let's watch the drama unfold together!
