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FTX is taking legal action against Binance and its former CEO, Changpeng 'CZ' Zhao, over a $1.76 billion shares repurchase deal. The lawsuit claims that the transaction, involving FTX and Binance tokens, was fraudulent due to FTX's insolvency at the time.
- FTX accuses CZ of posting misleading tweets to harm its business.
- CZ recently completed a prison sentence, while Sam Bankman-Fried is serving 25 years.
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