FTX Sues Binance for $1.8 Billion Over Alleged Misconduct

FTX has filed a lawsuit against Binance and its former CEO Changpeng Zhao, seeking to recover $1.76 billion in allegedly fraudulently transferred funds. The lawsuit claims that FTX founder Sam Bankman-Fried transferred the funds to Binance in 2021 as part of a deal to repurchase Binance's equity stake in FTX. The FTX estate aims to void the transfer to repay creditors affected by FTX's collapse. The legal battle highlights tensions between the two crypto giants, with accusations of reckless disregard for FTX's customers.