#FTXrepayment

★FTX Begins Repayments, Sues Binance for $1.8B★

FTX has started repaying its creditors as part of its bankruptcy resolution, distributing $16 billion to customers. Priority is given to those with claims under $50,000, with payouts expected within 60 days. Larger claims will be processed starting April 2025.

Meanwhile, FTX has sued Binance and former CEO Changpeng Zhao, seeking to recover $1.8 billion. The lawsuit alleges that Binance’s 2021 share repurchase agreement with FTX was fraudulent, funded by misappropriated customer assets. FTX claims Binance deliberately acted to harm its business.

This lawsuit is part of FTX’s broader effort to recover lost assets and maximize creditor repayments. The legal battle could impact the crypto industry, highlighting risks associated with past dealings between major exchanges.

Stay tuned for further updates as this case unfolds.