FTX sues Binance, SkyBridge and others in bid to recover investor funds

FTX’s bankruptcy estate has launched 23 lawsuits to recover lost funds for creditors, targeting entities like Binance, SkyBridge Capital and Fwd.us, a lobbying group supported by Mark Zuckerberg, according to Forbes. The largest lawsuit, at $1.76 billion, is against Binance and its former CEO, Changpeng Zhao. The lawsuits claim FTX’s former CEO, Sam Bankman-Fried, funneled money into investments and sponsorships to mask financial instability, allegedly offering little benefit to FTX or its investors. While these lawsuits may bring partial restitution, they also spotlight a need for stricter regulation within the crypto industry to protect investors.