According to BlockBeats, on October 3, according to Cointelegraph, a California resident Nir Lahav filed a class action lawsuit against Binance founder CZ, accusing CZ of violating federal and California unfair competition laws and monopolizing the cryptocurrency market by harming competitor FTX. The lawsuit stated that "CZ's proposal to acquire FTX was not made in good faith, and CZ's tweet caused the price of FTT to fall from $23.1510 to $3.1468. This sharp drop plunged the FTX entity into bankruptcy without giving the executives and board of directors of the FTX entity a chance to save the situation and take safety measures to protect its customers and end users."