Image: The Verge The estate of now-defunct crypto exchange FTX has filed a lawsuit against Binance and its former CEO Changpeng Zhao in a bid to recover $1.76 billion. FTX alleges these funds were fraudulently transferred to Binance, Zhao, and other Binance executives in July 2021 as part of a shares repurchase deal with FTX co-founder Sam Bankman-Fried.According to the filing, the transaction saw Binance sell back the 20 percent stake it held in FTX's international unit and 18.4 percent in its US-based entity, which Bankman-Fried paid for using a mix of FTX and Binance-branded cryptocurrencies. The FTX estate alleges the share repurchase deal was conducted unlawfully because - following massive fraud by Bankman-Fried and other executives - FTX and its... Continue reading...

Three Arrows Capital liquidators are striving to increase claims against FTX from $120 million to $1.3 billion.In the review of the claims, the defunct hedge fund cited that FTX liquidated 3AC assets improperly, harming 3AC creditors.FTX and its sister trading platform, Alameda Research, intensified moves for more crypto recovery via recent lawsuits.The post Three Arrows Capital Liquidators Seek to Mark Up Claim Against FTX to $1.5 Billion appeared first on Techreport.