Just came across a pretty dramatic story: Binance and CZ have subpoenaed Kevin O'Leary (along with Michael Lewis, author of *The Big Short*, and others) in the FTX clawback case.
The case is FTX Recovery Trust v. Binance/CZ. The trust is seeking to recover the roughly $1.76 billion share buyback from July 2021, arguing that FTX was already insolvent at the time and that the transaction was a fraudulent transfer. In July, the judge declined to dismiss the core claims, and the case has now entered discovery.
When he testified before the Senate back then, O'Leary said Binance had deliberately brought down FTX. Now Binance is the one asking him to hand over documents—the plot has taken a twist.
No ruling yet; these are just subpoenas. But you can bet creditors will be keeping a close eye on that $1.76 billion figure.#FTX #Binance
The case is FTX Recovery Trust v. Binance/CZ. The trust is seeking to recover the roughly $1.76 billion share buyback from July 2021, arguing that FTX was already insolvent at the time and that the transaction was a fraudulent transfer. In July, the judge declined to dismiss the core claims, and the case has now entered discovery.
When he testified before the Senate back then, O'Leary said Binance had deliberately brought down FTX. Now Binance is the one asking him to hand over documents—the plot has taken a twist.
No ruling yet; these are just subpoenas. But you can bet creditors will be keeping a close eye on that $1.76 billion figure.#FTX #Binance
