The two CEOs of the two largest cryptocurrency exchanges of the past have left their companies, but the struggle between the new managements they left behind continues. FTX’s imprisoned CEO Sam Bankman-Fried and Changpeng Zhao, who was recently released from prison, no longer have control over the exchanges they founded, but this does not prevent the companies from fighting each other.

According to the news from the US media Bloomberg, FTX’s new management filed a lawsuit against Binance exchange and CZ over a deal in 2021. With the lawsuit, FTX management is demanding a total of $1.8 billion from Binance and Zhao.

The news reported that the issue was related to FTX’s share buybacks. According to the details provided; Sam Bankman-Fried sent money to Binance and CZ in July 2021 for a 20% share of FTX’s international company and an 18.4% share of the US institution. FTX’s new management claims that the sending of this money by SBF and the purchase by the other party constitute fraud. For this reason, FTX’s new management is demanding 1.8 billion dollars in the lawsuit filed.

FTX had accused Binance

As it will be remembered, 2 years ago, the FTX exchange entered the bankruptcy process. During this period, it was claimed that Binance exchange would purchase FTX. Changpeng Zhao also tweeted many times about the subject, but later stated that they gave up on the purchase because the exchange was in an “unsalvageable” situation.

FTX’s former CEO SBF, who was sentenced to 25 years in prison, claimed that Binance was responsible for the bankruptcy process at the time. CZ and SBF also made accusations against each other over X.

The fact that most of the assets in FTX’s hands were its own tokens, FTT and Solana-based tokens, created distrust in the market and there was a “bank run” on the exchange.

The FTT price dropping from $50 to $20 and then to $5 triggered the stock market crash.