Binance affiliated entity sues RedotPay founding team in Hong Kong, seeking approximately $470 million in compensation

According to Bloomberg, Binance Holdings' affiliated entities Nest Trading Ltd., Distributed Technologies Ltd., and Chaintech Consulting Singapore Pte have filed a lawsuit in Hong Kong against RedotPay and its co founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao, accusing RedotPay of fraudulently diverting hundreds of thousands of users to competing products, constituting a breach of contract and causing approximately $470 million in losses.