Wu Blockchain (@WuBlockchain): Binance Sues Largest Crypto Card Company RedotPay, Alleges User Diversion and Seeks $472.8 Million
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Binance Sues Largest Crypto Card Company RedotPay, Alleges User Diversion and Seeks $472.8 Million According to Bloomberg, Binance-affiliated entities Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore filed a lawsuit in Hong Kong against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao. The lawsuit alleges that they breached an agreement by diverting more than 470,000 Binance users to RedotPay, causing $472.8 million in losses. RedotPay denied the allegations and said it would defend itself through the appropriate legal process. Chaintecs has also filed a lawsuit against RedotPay affiliates in Singapore, with a hearing scheduled for Friday.