FTX Files Lawsuit Against Binance Seeking Nearly $1.8 Billion

A Binance spokesperson said the lawsuit’s claims that the company’s founder allegedly ‘set out to destroy’ FTX are ’meritless.’

Binance co-founder and CEO Changpeng Zhao speaks during a press conference at the Europe's largest tech conference, the Web Summit, in Lisbon, Portugal, on Nov. 2, 2022. Patricia de Melo Moreira/AFP via Getty Images

Bankrupt trading company FTX is suing cryptocurrency exchange Binance and its executives for more than $1 billion for allegedly having taken part in a fraudulent transaction with the now-defunct entity.

FTX filed for bankruptcy back in November 2022 after concerns about the company’s financial position triggered a frenzy of customer withdrawals. In a Nov. 10 lawsuit filed at the U.S. Bankruptcy Court for the District of Delaware, FTX sought to recover at least $1.76 billion from Binance and some of its executives that were allegedly paid in a “fraudulent transfer.”