FTX files lawsuit against Binance and former CEO; seeks $1.8 billion in recovery

FTX is suing Binance and its former CEO, Changpeng Zhao, for nearly $1.8 billion. FTX alleges that Binance’s 2021 buyback of its stake in FTX was fraudulent, funded by insolvent sister company Alameda Research. The lawsuit also claims Zhao’s tweets contributed to FTX’s collapse. Binance denies the allegations and vows to defend itself.