FTX, the former cryptocurrency exchange that ceased operations over two years ago, is taking legal steps to recover substantial funds from its previous business partners and investors.

Founded by Sam Bankman-Fried, FTX has filed its latest lawsuit involving Binance and its former CEO, Changpeng Zhao (CZ). According to a Bloomberg report, FTX’s legal representatives are seeking $1.8 billion, which they claim was transferred during prior transactions.

The filing suggests that in July 2021, FTX, led by Bankman-Fried, transferred $1.76 billion in FTT, BNB, and BUSD tokens to Binance and other parties. In exchange for these funds, FTX sold 20% of its international branch and approximately 18% of its U.S. subsidiary.

According to FTX’s current management, some of these financial transactions may have taken place at a time when FTX and its subsidiary, Alameda Research, were already facing potential financial challenges, which, according to FTX’s attorneys, could impact the validity of these transfers.

Significant Announcement and Subsequent Market Impact

On November 6, 2022, CZ announced Binance’s plans to sell its FTT token holdings. This announcement had a notable impact on the market, leading to increased withdrawals from FTX, which contributed to the challenging circumstances faced by the exchange.

As part of a broader legal strategy to recover funds from former business partners, FTX recently reached a settlement with Bybit, securing $228 million in the process.

#Ftx❓ , #SamBankman-Fried , #CryptoNews🚀🔥 , #changpengzhao

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“