Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al-Saadi: There were concerns that Lahham would be placed under administrative detention.
Al-Saadi: The Israeli occupation authorities could not prove any allegations leveled against Nasser Lahham.
Lawyer Oussama al-Saadi: The oppressive Israeli measures of delaying Lahham's release had vengeful motives.
Nasser Lahham's lawyer said the journalist was released without any conditions or restrictions, adding that the conditions in which he was kept were terrible.
The Israeli occupation authorities release Al Mayadeen Palestine bureau chief Nasser al-Lahham.
Local Syrian sources: An Israeli airstrike targeted a tank and artillery battalion in the city of Izraa in the Daraa countryside
Al Mayadeen's correspondent in eastern Lebanon: 12 martyrs and 5 wounded in Israeli raids targeting the outskirts of Wadi Fa'ra in the northern Bekaa Valley
Local Syrian sources: More than 10 Israeli raids targeted Sweida, with information about more than five casualties from the Internal Security Forces
Local Syrian sources: Initial reports indicate that approximately 15 people were killed or wounded at the al-Radwan family's guest house in Sweida following a direct exchange of gunfire
Israeli media, citing Israeli political sources, reported that the Shas movement is expected to withdraw from the government within less than 24 hours

FTX sues Binance and ex-CEO Changpeng Zhao, alleging $1.8Bln in fraud

  • By Al Mayadeen English
  • Source: Agencies
  • 11 Nov 2024 23:13
3 Min Read

The suit alleges that FTX management fraudulently transferred $1.8 billion in funds to Binance and its executives during Binance's exit as an FTX stakeholder.

Listen
  • x
  • The Binance app icon is seen on a smartphone, Tuesday, Feb. 28, 2023, in Marple Township, Pa. (AP)
    The Binance app icon is seen on a smartphone, Tuesday, Feb. 28, 2023, in Marple Township, Pennsylvania, US. (AP)

In the latest chapter of the cryptocurrency industry's escalating legal battles, the now-bankrupt crypto firm FTX has launched a lawsuit against rival exchange Binance and its former CEO Changpeng Zhao, commonly known as CZ.

The suit, filed in Delaware, alleges that FTX management fraudulently transferred $1.8 billion in funds to Binance and its executives during Binance's exit as an FTX stakeholder. FTX estate administrators claim that these funds rightfully belong to FTX creditors and seek to recover $1.76 billion, as well as additional compensatory and punitive damages.

The case centers around Binance's 2019 acquisition of a significant stake in FTX and its subsequent decision to sell back its shares to FTX in 2021. According to the lawsuit, this repurchase was funded by FTX's trading arm, Alameda Research, using tokens valued at $1.76 billion.

FTX now contends that Alameda was insolvent at the time, making the transaction financially improper. By filing this lawsuit, FTX administrators hope to reclaim assets they allege were "wrongfully transferred" at the expense of FTX's creditors.

Binance Responds to Allegations

Related News

Ex-Binance CEO faces prison time in US over money laundering charges

Sam Bankman-Fried to be sentenced for multi-billion FTX fraud today

In response to FTX's claims, Binance has dismissed the allegations as "meritless." A spokesperson from Binance said the company "will vigorously defend" itself, adding that the lawsuit lacks credible evidence of misconduct by Binance and its executives.

The response underscores the tension and rivalry between these two major exchanges, which had previously been seen as potential partners within the cryptocurrency ecosystem.

Read more: Bitcoin hits $80,000 for the first time

The lawsuit adds yet another layer to the FTX-Binance rivalry, which has intensified since FTX's collapse in late 2022. FTX's founder, Sam Bankman-Fried, was subsequently convicted of fraud for misappropriating $8 billion in customer funds and sentenced to 25 years in prison.

Notably, Changpeng Zhao and Binance had briefly explored a rescue acquisition of FTX's non-U.S. unit to stabilize the troubled exchange in 2022, only to withdraw the offer after reviewing FTX's financials, which ultimately exposed a significant shortfall.

Regulatory and Legal Challenges for Cryptocurrency's Major Players

This legal dispute has broader implications for the cryptocurrency industry, as it comes amid increasing scrutiny from global regulators and the judiciary.

Zhao, who recently served a four-month prison sentence after pleading guilty to money laundering violations, is not only facing FTX's allegations but is also facing regulatory challenges in the US  and other jurisdictions.

Experts say that this lawsuit conveys the increasing legal and financial pressures cryptocurrency companies face as governments tighten regulations to address market transparency, investor protections, and anti-money-laundering practices.

  • FTX
  • Changpeng Zhao
  • Binance
  • Cryptocurrency

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025
This satellite image from Planet Labs PBC shows damage after an Iranian attack at the al Udeid Airbase outside of Doha, Qatar, June 25, 2025 (Planet Labs PBC via AP)

Satellite images show Iran attack damaged US comms dome in Qatari base

  • Politics
  • 11 Jul 2025
An Israeli soldier abandons an excavator during an ambush by al-Qassam Brigades. Arabic text reads "The moment the soldier fled", July, 10, 2025 (Al Qassam Military Media)

Israeli media rue al-Qassam footage, alarmed by fighters among troops

  • Politics
  • 11 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Syrian government forces deploy at the Mazraa village on the outskirts of city of Sweida, where clashes erupted between Bedouin clans and Druze factions, southern Syria, Monday, July 14, 2025 (AP)
Politics

Gulf-backed negotiations underway in Syria's Sweida to end clashes

UN: 798 Palestinians killed while trying to reach aid in Gaza
Palestine

UN: 798 Palestinians killed while trying to reach aid in Gaza

A damaged car is seen at a field that was hit in an Israeli airstrike in Nabi Sheet village, in Lebanon's eastern Bekaa Valley, Wednesday, August 21, 2024 (AP)
Politics

Hezbollah condemns Israeli Bekaa massacre, urges action from Lebanon

Palestinians walk next to the closed humanitarian aid distribution center of UNRWA, the UN agency helping Palestinian refugees in Jabaliya, Gaza Strip, on Tuesday, April 29, 2025 (AP)
Politics

Israeli regime cuts electricity, water supplies to UNRWA Gaza offices

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS