As you may remember, in June SEC world’s largest cryptocurrency stock exchange To Binance, its US arm Binance US and its CEO CZ’He filed a lawsuit against.
While this case was ongoing, another lawsuit was filed against CZ and Binance. A class action lawsuit was filed against Binance US and CZ in the California District Court yesterday.
BAM Trading and BAM Management, the companies behind Binance US, were also included as defendants in this case.
According to documents submitted to the court, the investor group that filed the lawsuit filed for bankruptcy in November 2022. FTXHe claimed that ‘s collapse was triggered by CZ’s social media posts.
The plaintiffs also accuse Binance and CZ of deliberately trying to monopolize the cryptocurrency market by harming its rival FTX, arguing that they are also acting against unfair competition rules at this point.
Because CZ said in his post on his Twitter account before FTX filed for bankruptcy that Binance was in talks to purchase FTX. However, shortly after, CZ stated that he gave up purchasing FTX.
At this point, the plaintiffs in their petition ” CZ knowingly shared the offer to buy FTX and the information about their subsequent abandonment on his Twitter account in order to damage FTX. “It ultimately achieved its goal, leading to the sudden bankruptcy of FTX and the unprecedented collapse of its token, FTT.” they said.
Plaintiffs also alleged that CZ was involved in FTX’s token, FTT. “we have decided to liquidate all FTTs in our portfolio” Drawing attention to his post, he argued that CZ made this post knowingly and that it caused manipulation in the market.
*This is not investment advice.
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