[DigitalToday reporter Chi-gyu Hwang] Binance affiliates have filed a $472.8 million damages lawsuit against RedotPay co-founders.
According to a recent Cointelegraph report, Binance alleges RedotPay violated a commercial agreement and redirected more than 470,000 Binance Card users to its service.
The lawsuit was filed by Nest Trading, Distributed Technologies and Chaintex Consulting Singapore, affiliates of Binance Holdings. The defendants are RedotPay co-founders Gao Zhangpeng (가오 장펑), Chan Wa Choi (찬 와 초이) and Yao Chaoda (야오 차오다).
Binance alleges RedotPay enabled users to top up RedotPay stablecoin payment cards using Binance Pay outside the scope of the contract. The plaintiffs say more than 470,000 Binance Card users left in the process.
The damages claim was calculated based on a lifetime value of $925 per user. Binance alleges the conduct contributed to RedotPay's enterprise value and was linked to its review of the possibility of an initial public offering.
Chi-gyu Hwang
delight@d-today.co.kr