Binance associated entity sues RedotPay founding team in Hong Kong for approximately $470 million in compensation
2026-08-05 19:01:11
According to CoinMeta, and as reported by Bloomberg, entities Nest Trading Ltd, Distributed Technologies Ltd, and Chaintecs Consulting Singapore Pte associated with Binance Holdings have filed a lawsuit in Hong Kong against RedotPay and its co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao. They accuse RedotPay of using fraudulent tactics to divert hundreds of thousands of users to competing products, which constitutes a breach of contract and resulted in losses of approximately $470 million.
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