FTX sues Binance and its former CEO for $1.8 billion

Collapsed cryptocurrency company FTX is suing Binance and its former CEO Changpeng Zhao, alleging that $1.8 billion was "fraudulently transferred" by FTX management to Binance and its executives. The lawsuit relates to Binance's sale of its stake in Sam Bankman-Fried's FTX, which it acquired in 2019 but then negotiated to sell back to FTX in July 2021. According to the lawsuit, FTX's Alameda Research division directly funded the share repurchase using tokens which had a then fair market value of $1.76 billion.