News - Another lawsuit against Binance and CZ

By Mike Hesp

Another lawsuit against Binance and CZ

Exchanges
FTX
Laws and regulations

Binance and Changpeng "CZ" Zhao face another lawsuit. The accusation: participation in the downfall of FTX.

Investors affected by the FTX scandal have sued Binance and its CEO Changpeng "CZ" Zhao.

Prosecutors accuse Binance and CZ of being involved in FTX's downfall. They allege that the crypto exchange and its CEO violated the Unfair Competition Act.

CZ's public tweets also allegedly shook investor confidence and led to losses in the crypto portfolio.

"Zhao publicly spread the information [about the withdrawal of the takeover bid] on Twitter and other social media platforms to harm FTX Companies, ultimately leading to a hasty and unprecedented collapse of FTX Companies," reads the claim.

The investor group now wants financial compensation for the loss that was caused by the collapse of FTX.

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