Class-Action Lawsuit Filed Against Binance and its CEO Over Alleged Damage Caused by FTX
Digital asset exchange Binance and its CEO Changpeng Zhao are facing a class-action lawsuit accusing them of monopolizing the market and causing harm to rival exchange FTX. The lawsuit, led by California resident Nir Lahav, alleges that Binance and Zhao used competitive detrimental corporate strategies and Twitter posts to undermine FTX. The plaintiffs specifically point to tweets by Zhao, including one in which he claimed to liquidate FTT holdings, which they argue was deceptive and intentionally aimed at lowering the price of FTT. The lawsuit also highlights a tweet by Zhao expressing opposition to FTX former CEO Sam Bankman-Fried’s regulatory initiatives, which allegedly caused a significant drop in FTT price and led to the bankruptcy of FTX. The plaintiffs argue that Zhao’s announcement of a non-binding letter of intent to acquire FTX was a deliberate move to hurt FTX and ultimately led to its collapse. The lawsuit seeks monetary damages, coverage for legal expenses, and the return of profits acquired through seven claims. The plaintiff believes that thousands of individuals are potentially involved in the proposed class action. Binance and FTX are also facing separate lawsuits filed by the U.S. Securities and Exchange Commission..
#ClassAction #Lawsuit #Targets #Binance #CEO #Alleged #FTX #Damage
Digital asset exchange Binance and its CEO Changpeng Zhao are facing a class-action lawsuit accusing them of monopolizing the market and causing harm to rival exchange FTX. The lawsuit, led by California resident Nir Lahav, alleges that Binance and Zhao used competitive detrimental corporate strategies and Twitter posts to undermine FTX. The plaintiffs specifically point to tweets by Zhao, including one in which he claimed to liquidate FTT holdings, which they argue was deceptive and intentionally aimed at lowering the price of FTT. The lawsuit also highlights a tweet by Zhao expressing opposition to FTX former CEO Sam Bankman-Fried’s regulatory initiatives, which allegedly caused a significant drop in FTT price and led to the bankruptcy of FTX. The plaintiffs argue that Zhao’s announcement of a non-binding letter of intent to acquire FTX was a deliberate move to hurt FTX and ultimately led to its collapse. The lawsuit seeks monetary damages, coverage for legal expenses, and the return of profits acquired through seven claims. The plaintiff believes that thousands of individuals are potentially involved in the proposed class action. Binance and FTX are also facing separate lawsuits filed by the U.S. Securities and Exchange Commission..
#ClassAction #Lawsuit #Targets #Binance #CEO #Alleged #FTX #Damage
