Binance affiliates sue RedotPay co-founders for $472.8M in damages

Binance affiliates have filed a $472.8 million damages lawsuit against the co-founders of stablecoin payments firm RedotPay, Bloomberg reported. According to Bloomberg, Binance-related entities including Nest Trading claim RedotPay founders Gao Zhangpeng, Chan Wa Choi and Yao Chao directed more than 470,000 Binance users to make bypass payments through RedotPay cards, causing losses. The claimed damages were set at $925 per customer. RedotPay denied the allegations and said it would respond through legal procedures.