A California resident is suing Binance.US and Changpeng Zhao, accusing them of monopolizing the crypto market by damaging FTX

2023-10-03 10:52:10

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ChainCatcher news, a California resident is suing Binance and its CEO, accusing them of causing the collapse of the rival exchange due to a tweet posted last November. The Northern District Court of California has accepted a class action lawsuit against Binance.US and Binance CEO Changpeng Zhao, alleging that they attempted to monopolize the cryptocurrency market by harming the interests of the competitor FTX, thereby violating federal and California laws regarding unfair competition.

The lawsuit claims that Changpeng Zhao's proposal to acquire FTX was not made in good faith, and this incident "ultimately led" to the collapse of FTX, with the FTT price dropping from $23.1510 to $3.1468. This significant drop caused the FTX entity to go bankrupt, while the executives and board of the FTX entity had no opportunity to salvage the situation and take measures to protect their customers and end users.

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Binance.US Changpeng Zhao FTX

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