Estate of collapsed crypto exchange files lawsuit alleging 2021 share deal was ‘fraudulent’
Collapsed crypto exchange FTX is suing Binance and its former chief executive Changpeng Zhao for $1.8bn, over an allegedly “fraudulent” share deal which it says was funded mostly by customers’ stolen money. The dispute relates to a July 2021 deal in which Binance, Zhao and two other executives sold their roughly 20 per cent stake in FTX back to the company in exchange for crypto tokens valued at $1.76bn.
Ellison was sentenced to two years in prison for her role in the failure of FTX, which collapsed in part because of the misuse of customer funds. The lawsuit also names as defendants Dinghua Xiao, who worked at Binance from 2017 to September 2019, and Samuel Wenjun Lim, Binance’s head of compliance from 2018 to 2022. Xiao and Lim could not be contacted for comment. Lim was charged by US regulators last year for “wilfully evading US law” in his work at Binance, and ordered to pay $1.5mn.
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