FTX just filed a $1.76 billion against Binance .
It alleges Binance and its CEO, Changpeng Zhao (@cz_binance), intentionally destroyed FTX for their own gain. Let's break down the key points 🧵
117 Partners
304 posts
117 Partners
@117partners
117 Partners: Specialists in crypto distressed, distressed investing, bankruptcy claims & special situations. Expert advisory services to navigate the market.
- Some interesting information from the latest FTX Financial Report: 1/ FTX has $11.5b in cash on it's balance sheet, with various $900m Digital Assets and $1.5b in Venture investments.
- Replying to @117partners and @cz_binance10/ FTX Wants Their Money Back. The lawsuit demands the return of the funds transferred to Binance in the 2021 share repurchase, claiming it was fraudulent. They're also seeking compensation for the damages caused by Binance's alleged actions.
- On Crypto that are counted as Securities, BitClave ICO had began it's distribution to its ICO "Investors". Only $4.6 million have been distributed so far.
- Replying to @117partners and @cz_binance9/ The Aftermath: Binance Wins, FTX Collapses. FTX alleges the damage from CZ's tweets and the failed acquisition was irreversible, leading to their bankruptcy. Binance, meanwhile, gained significant market share in 2022.
- Updates from Vauld Creditor Q&A Session - Feb 26, 2025 Next Distribution: Expected in Q2 2025 from proceeds of the FTX claim sale and CoinLoan. The estate is expected to receive around 25-30m from both illiquid assets, this distribution is estimated to be around 10-12% of claim.
- 🚨 FTX Claims Breakdown 🚨 Distressed debt funds now own 61.1% of the $8,890M FTX int claims. They are expected to receive $7.7bn from the FTX estate with the 143% recoveries. #FTX #DistressedDebt #FTXClaims #CryptoNews #BankruptcyClaims
- Replying to @117partners and @cz_binance3/ The Allegedly Fraudulent Share Repurchase. FTX alleges Alameda was already insolvent on July 2021 when it used a mix of FTT, BNB, and BUSD (tokens of FTX and Binance) to buy back Binance's shares. They claim Alameda secretly used FTX customer deposits to fund the purchase.
- 📊 Crypto Bankruptcy Plan Confirmations: A Timeline ⏳ FTX: 696 days (Oct 7, 2024 projected) Voyager: 273 days Celsius: 483 days MtGox: 2791 days 😱 👀 #MtGox leads by a landslide! #FTX #Voyager #Celsius #Crypto #Bankruptcy #CryptoRecovery #Bitcoin #CryptoNews
- Replying to @117partners and @cz_binance1/ As we know, FTX Claims It Was Insolvent From the Start. The complaint suggests FTX's balance sheet was problematic from its inception. One key issue: FTX overvalued its own token, FTT, and other "Sam coins" closely tied to FTX.
- 1/ The SEC has charged Blockchain Credit Partners (a.k.a. DeFi Money Market), and its founders Gregory Keough and Derek Acree, in one of the SEC’s first actions targeting “DeFi.” Here’s the breakdown
- Replying to @117partners and @cz_binance6/ CZ's Tweets: "Risk Management" or Market Manipulation? In Nov 2022, CZ tweeted Binance would liquidate its FTT. This sparked panic and a massive withdrawal of funds from FTX. FTX claims these tweets were calculated to destroy them, not about risk management as CZ claimed.