FTX Sues Binance and Scaramucci in $1.8B Legal Battle

FTX has filed a lawsuit against Binance, seeking to recover at least $1.76 billion allegedly transferred fraudulently to Binance and its executives. The lawsuit, filed in US Bankruptcy Court, accuses Binance and its former CEO Changpeng Zhao of fraud and other charges, claiming the transfer was part of a scheme by FTX founder Sam Bankman-Fried to conceal insolvency. The lawsuit also alleges Zhao's actions contributed to FTX's collapse by triggering a run on the exchange. Binance has dismissed the claims as meritless and plans to defend itself.