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Class-action suit filed against Binance for alleged harm to FTX before its collapse

Published Oct 02, 2023 05:55PM ET Updated Oct 02, 2023 07:40PM ET
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A class-action suit was filed against Binance.US and Binance CEO Changpeng Zhao on Oct. 2 in the District Court of Northern California alleging various violations of federal and California law on unfair competition for attempting to monopolize the cryptocurrency market by harming its competitor FTX. The suit was brought by Nir Lahav, who is identified only as a California resident.

At issue are posts made by Zhao on Twitter (now X) in early November on the eve of FTX’s collapse. The posts were made in conjunction with the decision by the defendants to liquidate their holdings in the FTX utility token FTT on Nov. 6. The plaintiffs estimated that Binance owned up to 5% of all FTT tokens.

Suit filed against Binance and Changpeng Zhao. Source: CourtListener

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Class-action suit filed against Binance for alleged harm to FTX before its collapse
 

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