FTX Bankruptcy Estate Sues Binance for $1.8 Billion
The FTX bankruptcy estate has filed a $1.8 billion lawsuit against Binance and its CEO Changpeng “CZ” Zhao, continuing its efforts to recover assets linked to the now-defunct exchange. The lawsuit, filed on Nov. 10, accuses Binance of receiving a fraudulent transfer of $1.76 billion in cryptocurrency as part of a repurchase deal in July 2021.
The FTX estate claims that Sam Bankman-Fried, the former CEO of FTX, repurchased shares in FTX International and FTX US using a mix of FTX’s native FTT token, BNB, and Binance USD (BUSD). The complaint argues that this transaction was fraudulent because FTX and Alameda Research were already insolvent by early 2021. The lawsuit represents another significant legal battle in the aftermath of the FTX collapse, with efforts to recover assets continuing.
Bitcoin Futures “Overheated” – Price Prediction for 2024
CryptoQuant CEO Ki Young Ju is predicting that Bitcoin could end the year at just under $59,000, despite its strong recent performance. Ki believes that the Bitcoin futures market has become “overheated,” which could lead to a price correction in the short term.
Bitcoin’s futures market has seen a record level of open interest, reaching nearly $50 billion, a sign of growing speculation. Despite this, Ki expects a possible correction and consolidation before Bitcoin continues its bull run into 2025. However, he warns that a strong year-end rally could set the stage for a bear market in 2025.
Bitcoin has recently surged to new all-time highs, reaching $81,943 on Nov. 11 following Donald Trump’s election victory.
Elon Musk Supports Ending the Federal Reserve
Elon Musk, the CEO of Tesla and SpaceX, has expressed support for abolishing the Federal Reserve. Musk retweeted a post by Utah Senator Mike Lee, who criticized the lack of executive oversight over the Fed and called for its abolition. Lee argues that the Federal Reserve’s independence has deviated from the intentions of the U.S. Constitution, advocating for more oversight from the Executive Branch. Musk endorsed Lee’s stance with a 100% emoji, amplifying growing calls from sound money advocates to end the Federal Reserve, which was established in 1913.
These key developments in crypto highlight ongoing legal battles, market speculation, and political discourse shaping the broader ecosystem.
