Binance Sues RedotPay for $473 Million Over Alleged User Diversion
Binance has filed a lawsuit against RedotPay, claiming the startup diverted over 470,000 Binance Card users to its own stablecoin card, resulting in losses of approximately $473 million. RedotPay has stated it will defend itself vigorously against these allegations.
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How a crypto startup quietly siphoned 470,000 Binance users to build a $4 billion card empire
Binance-affiliated entities filed a Hong Kong petition against RedotPay's founders, alleging the payment startup used its partnership with Binance to divert more than 470,000 Binance Card customers into its own competing stablecoin card. As Bloomberg News reported, Binance claims $472.8 million in losses, built on an estimated $925 lifetime value per customer, and says RedotPay […] The post How a crypto startup quietly siphoned 470,000 Binance users to build a $4 billion card empire appeared first on CryptoSlate .
Crypto firm RedotPay says it will defend itself ‘vigorously’ against Binance lawsuit
Binance alleged RedotPay poached customers from the crypto exchange in a lawsuit filed in Hong Kong.
Binance files $473M lawsuit against RedotPay over alleged user diversion
Binance has sued RedotPay and its co-founders for nearly $473 million, alleging the company diverted more than 470,000 Binance Card users in breach of a commercial agreement. Bloomberg, citing a Hong Kong court filing it obtained, reported on Wednesday that…