Following Binance’s settlement with U.S. authorities in 2023 and the resignation and conviction of its former CEO Changpeng Zhao (Changpeng Zhao), new allegations have been made against the exchange and CZ. Bill Hughes, a former attorney for the U.S. Department of Justice, announced a lawsuit accusing Binance and CZ of acting as custodians of millions of dollars in stolen digital currencies. The complaint alleges that Binance and its co-conspirators operated a cryptocurrency laundering organization that facilitated illegal asset transfers. The case also suggests that blockchain transaction tracking could have helped victims recover stolen funds if Binance had not been allegedly involved in the money laundering scheme. Hughes believes that this new lawsuit could pose a serious challenge to Binance and CZ and could have broader implications for the cryptocurrency industry.
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