Over $1.8b SBF transfer accusation: FTX sues Binance and CZ
The court filing states that Bankman-Fried sold 20% of FTX’s global unit interests and 18.4% from its U.S. office. Bankman-Fried repurchased using FTX’s FTT token and Binance’s BSB and BUSD. This agreement was worth $1.76 billion.
However, FTX alleges Bankman-Fried’s Binance transfer was fake. Before the Binance repurchase, FTX and Alameda Research were “balance-sheet insolvent.” Thus, they suspect transfer fraud.
FTX claims CZ sent “false, misleading, and fraudulent tweets” before the crypto exchange failed. The estate said CZ’s posts were “maliciously calculated to destroy his rival.”
CZ tweeted in November 2022 that Binance will sell $529 million in FTT tokens. An exchange withdrawal tsunami by terrified traders followed his tweet. A Binance spokesman did not address Bloomberg’s claims.
Former Binance CEO CZ was released from a four-month prison sentence on September 30. He does interviews and attends bitcoin events. Last year, Sam Bankman-Fried started a 25-year federal sentence.
His new lawyer claims Bankman-Fried was convicted.
In addition to Binance, FTX sued 23 former investors, affiliates, and consumers for indebtedness. Plaintiffs include Anthony Scaramucci, SkyBridge Capital, Crypto.com, and FWD.US.
Waves developer Sasha Ivanov was sued for $90 million in cryptocurrencies by FTX’s sister hedge fund Alameda Research.
FTX-linked Alameda Research sues Waves creator
Alameda Research, a subsidiary of bankrupt crypto exchange FTX, sued Waves blockchain pioneer Sasha Ivanov for $90 million over Vires.Finance.
The hedge fund Alameda Research sued Waves developer Sasha Ivanov to collect $90 million in bitcoin it put with Vires.Finance, a Waves-based decentralized crypto exchange.
A Nov. 10 lawsuit alleges Alameda Research traded and invested $80 million in Tether and USD Coin on Vires.Finance in March 2022. The platform generated $90 million in USDN, a Neutrino Protocol algorithmic stablecoin. USDN, renamed Neutrino USD (XTN), lost 98% of its value after repeated losses against the U.S. dollar.
Ivanov advertised Vires as a mechanism for lenders and other users to make “substantial profits,” but he “secretly orchestrated a series of transactions that inflated artificially the value of WAVES, while at the same time siphoning funds from Vires,” the lawsuit said
A lawsuit says that Ivanov publicly accused Alameda for disturbing the Waves environment to “divert attention from his involvement in the fraud.” WAVES pricing fell 95% once the scheme was uncovered.
According to the suit, Ivanov agreed to return Alameda’s assets to creditors but ignored every request. He disbanded Vires.Finance and Waves, according to the report.
A few days before, FTX sued Alameda Research for roughly $11 million from a Crypto.com account. According to the lawsuit, Alameda opened the account under Ka Yu Tin (Nicole Tin) to surreptitiously trade bitcoin using shell corporations and personnel identities.
References
https://crypto.news/ftx-sues-binance-and-cz-for-nearly-1-8b-over-alleged-sbf-transfer
https://crypto.news/ftx-tied-alameda-research-files-lawsuit-against-waves-founder