{"id":124681,"date":"2024-11-11T18:17:27","date_gmt":"2024-11-11T11:17:27","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=124681"},"modified":"2024-11-11T18:17:27","modified_gmt":"2024-11-11T11:17:27","slug":"ftx-sues-binance-founder-cz-seeks-1-8-billion","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=124681","title":{"rendered":"FTX Sues Binance &#038; Founder CZ, Seeks $1.8 Billion"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>The entire cryptocurrency industry was celebrating the market\u2019s uptick over the weekend. Prominent cryptocurrency exchange Binance has been in troubled waters over the past couple of years. It looks like the firm\u2019s legal troubles haven\u2019t come to an end yet. More recently, FTX filed a lawsuit against Binance Holdings Ltd. as well as Changpeng Zhao, the founder and former CEO of the firm. FTX is suing the world\u2019s largest exchange for a staggering $1.8 billion.<\/p>\n<p><strong>Also Read: <a href=\"https:\/\/watcher.guru\/news\/currency-whats-happening-with-the-us-dollar-indian-rupee-2\">Currency: What\u2019s Happening With the US Dollar &amp; Indian Rupee?<\/a><\/strong><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-here-s-why-ftx-is-suing-binance\">Here\u2019s Why FTX is Suing Binance<\/h2>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: FTX sues Binance and ex-CEO Changpeng Zhao (CZ), seeking $1.8 billion.<\/p>\n<p>\u2014 Watcher.Guru (@WatcherGuru) <a href=\"https:\/\/twitter.com\/WatcherGuru\/status\/1855892873285128382?ref_src=twsrc%5Etfw\">November 11, 2024<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>This lawsuit dates back to what happened back in 2021. During July of that year, a buyback agreement with Sam Bankman-Fried (SBF), the co-founder of FTX, Binance, Zhao, and other Binance officials got the money. According to the lawsuit, about 20% of FTX\u2019s international platform, as well as 18.4% of its US-based corporation, were sold.<\/p>\n<p>In addition, the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-11\/ftx-sues-binance-former-ceo-zhao-seeking-1-8-billion-clawback\">filing<\/a> further notes that SBF used a combination of FTX\u2019s exchange token FTT and Binance-branded currencies BNB and BUSD. At the time, these were worth $1.76 billion to pay for the stock buyback.<\/p>\n<p>This wasn\u2019t all. The exchange\u2019s sister firm, Alameda Research, was also dragged in. The firm \u201cmay have been insolvent from inception.\u201d The filing stated that FTX\u2019s sister firm was \u201ccertainly\u201d balance-sheet insolvent by early 2021.<\/p>\n<p><strong>Also Read: <a href=\"https:\/\/watcher.guru\/news\/ripple-vs-sec-shockwave-as-ceo-demands-sec-chairs-immediate-resignation\">Ripple vs. SEC: Shockwave as CEO Demands SEC Chair\u2019s Immediate Resignation<\/a><\/strong><\/p>\n<h3 class=\"wp-block-heading\" id=\"h-allegations-on-cz\">Allegations on CZ<\/h3>\n<figure class=\"wp-block-image alignfull size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"499\" alt=\"\" class=\"wp-image-167685 ewww_webp\" srcset=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw== 1w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" src=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-1024x499.png\" data-src-webp=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-1024x499.png.webp\" data-srcset-webp=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-1024x499.png.webp 1024w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-300x146.png.webp 300w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-768x374.png.webp 768w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-380x185.png.webp 380w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-550x268.png.webp 550w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-800x390.png.webp 800w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-1160x565.png.webp 1160w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM.png.webp 1532w\" data-srcset-img=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-1024x499.png 1024w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-300x146.png 300w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-768x374.png 768w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-380x185.png 380w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-550x268.png 550w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-800x390.png 800w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-1160x565.png 1160w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM.png 1532w\" data-eio=\"j\"\/><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"499\" src=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-1024x499.png\" alt=\"\" class=\"wp-image-167685\" srcset=\"https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-1024x499.png 1024w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-300x146.png 300w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-768x374.png 768w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-380x185.png 380w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-550x268.png 550w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-800x390.png 800w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM-1160x565.png 1160w, https:\/\/watcher.guru\/news\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-at-2.40.20\u202fPM.png 1532w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/coinmarketcap.com\/currencies\/bnb\/\">Source<\/a><\/figcaption><\/figure>\n<p>The exchange did not spare Binance\u2019s Changpeng Zhao. Prior to FTX\u2019s demise, Zhao was also charged by FTX with posting on social media. He was accused of sharing a slew of \u201cfalse, misleading, and fraudulent tweets.\u201d CZ\u2019s substance was \u201cmaliciously calculated to destroy his rival.\u201d<\/p>\n<p>Furthermore, the CZ-led exchange planned to sell its FTT tokens. This was valued at about $529 million at the time, according to a tweet by Zhao on November 6, 2022, which caused withdrawals from the exchange to soar.<\/p>\n<p><strong>Also Read: <a href=\"https:\/\/watcher.guru\/news\/shiba-inu-gains-momentum-shib-set-to-outpace-dogecoin-in-2025\">Shiba Inu Gains Momentum: SHIB Set To Outpace Dogecoin In 2025<\/a><\/strong><\/p>\n<p>Amidst this, Binance\u2019s native cryptocurrency, BNB, witnessed a 2% drop over the past 24 hours. At press time, BNB was trading at $621.27. It seems like the lawsuit was impacting the asset as the rest of the market continued its hot streak.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/watcher.guru\/news\/ftx-sues-binance-founder-cz-seeks-1-8-billion\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The entire cryptocurrency industry was celebrating the market\u2019s uptick over the weekend. Prominent cryptocurrency exchange Binance has been in troubled waters over the past couple of years. It looks like &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=124681\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-124681","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/124681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124681"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/124681\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}