FTX Launches $1.8B Legal Battle Against Binance and CZ Amid Bankruptcy

FTX has filed a lawsuit against Binance and its former CEO Changpeng Zhao, seeking to recover $1.76 billion from a 2021 share deal deemed "fraudulent." The suit claims the transaction was funded by FTX's insolvent Alameda Research and involved misleading actions by Zhao, including tweets that allegedly led to FTX's collapse. Binance denies the allegations, calling them meritless. This legal battle follows the downfall of FTX and the conviction of its co-founder Sam Bankman-Fried for fraud.