FTX has filed a lawsuit against Binance and its former CEO Changpeng Zhao.

The legal action seeks to recover approximately US$1.8 billion, which FTX claims was improperly transferred by Sam Bankman-Fried.

The lawsuit centers on a July 2021 share repurchase deal, where FTX alleges Binance and Zhao received funds fraudulently.

This transaction included selling stakes of 20% in FTX’s international division and 18.4% in its US entity, paid in FTT, BNB, and BUSD tokens, valued at US$1.76 billion then.