Binance and founder Changpeng Zhao have subpoenaed Kevin O’Leary to provide testimony in their defense against the FTX Recovery Trust and FTX Digital Markets. The lawsuit, filed on November 10, 2024, concerns Binance’s July 2021 share repurchase from FTX, valued at $1.76 billion, which the estate alleges was a fraudulent transfer. On July 27, 2026, US Bankruptcy Judge Karen B. Owens denied motions to dismiss the core claims, clearing the way for the discovery phase. Solvency will be a central issue, as the estate must prove that FTX was already insolvent when it paid Binance in July 2021. A successful clawback could add $1.76 billion or more to the funds available for FTX creditors.
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