Binance subpoenas Kevin O'Leary: the FTX feud behind the $1.76B case

What happened. On November 4, 2026 Binance and CZ filed a notice in the US Bankruptcy Court for the District of Delaware: they had subpoenaed Shark Tank investor Kevin O'Leary, Going Infinite author Michael Lewis, former Forbes staffer Steven Ehrlich and the accounting firm BDO, Bloomberg Law reports. The subpoenas ask for documents and records. They are part of the case the FTX Recovery Trust brought against Binance and CZ in November 2024.

Why O'Leary. FTX paid him about $15 million to be its spokesman, by his own Senate testimony. On December 14, 2022, a month after FTX fell, he told the Senate Banking Committee that Binance deliberately put FTX out of business. Binance is defending a $1.76 billion claim and wants the evidence behind that accusation.

Backstory, part 1: a rejected pitch. In March 2019 Sam Bankman-Fried offered to build Binance a futures exchange for about $40 million, according to Michael Lewis' book Going Infinite. CZ said no. In May 2019 SBF and Gary Wang launched their own exchange, FTX. That September Binance bought JEX, a Chinese derivatives platform, with its team, and launched Binance Futures. Two rivals came out of one 'no'.

Part 2: partners, then not. In December 2019 Binance bought a stake in FTX, about 20% according to O'Leary. FTX then went mainstream: a Miami arena with its name, Tom Brady, Mercedes in Formula 1, a Super Bowl ad. Binance runs differently: in Arut's view it is stingy on promotion and grows through product and fees instead. Its biggest celebrity deal, Cristiano Ronaldo, came only in June 2022. In July 2021, while regulators in the UK, Thailand and the Cayman Islands were warning about Binance, SBF bought Binance out for about $2.1 billion paid in FTT, BNB and BUSD.

Part 3: what people inside say. Freekonomist founder Arut, who has worked in the industry for years, says many former Binance staff told him the pay is low and people stay for the upside, and that SBF used this to hire. He also says managers hear about upcoming tokens before the public, and that tight budgets created corruption around listings. These are his accounts, not court findings. On record: Binance itself suspended a Binance Wallet employee in March 2025 for trading on inside knowledge of a token launch, and fired an employee in December 2025 who used non-public information to promote a memecoin from the Binance Futures account. In 2024 Moonrock Capital CEO Simon Dedic said Binance asked a project for 15% of its token supply to list; Binance co-founder Yi He called that FUD and said Binance charges no listing fee.

Part 4: the tweet. On November 2, 2022 CoinDesk published a leaked Alameda Research balance sheet heavy in FTT. On November 6 CZ tweeted that Binance would sell all its FTT, calling it 'post-exit risk management, learning from LUNA'. A run on FTX followed. Binance signed a deal to buy FTX on November 8 and walked away on November 9. FTX filed for bankruptcy on November 11. About $8 billion of customer money was already missing; SBF was convicted of fraud in 2023 and sentenced to 25 years.

Now. The FTX estate says the 2021 buyback was paid with money of an insolvent Alameda and must be returned to creditors. On July 24, 2026 Chief Judge Karen Owens let that $1.76 billion claim go ahead against Binance and CZ, but threw out the estate's claims that Binance's conduct during the collapse was unlawful. So legally, the tweet is not the issue. The money is. And the man who sold FTX to the public is now a witness in Binance's defence.

已确认的事实

• Binance and CZ filed a notice on November 4, 2026 that they subpoenaed Kevin O'Leary, Michael Lewis, Steven Ehrlich and BDO.^[1][2]
• The FTX Recovery Trust seeks at least $1.76 billion from Binance and CZ over the July 2021 share buyback.^[9][3]
• On July 24, 2026 Judge Karen Owens kept the core fraudulent-transfer claims and dismissed claims over Binance's conduct during the collapse.^[3]
• O'Leary told the US Senate on December 14, 2022 he was paid about $15 million by FTX and blamed Binance for its fall.^[4]
• In March 2019 CZ declined SBF's offer to build a futures exchange for $40 million, per Going Infinite.^[5]
• Binance bought derivatives platform JEX in September 2019.^[6]
• FTX bought back Binance's stake in July 2021.^[7]
• CZ said on November 6, 2022 Binance would liquidate its FTT, citing lessons from LUNA.^[8]
• In 2024 Moonrock Capital's CEO alleged a 15% token listing fee at Binance; Binance denied it.^[10]
• Binance fired an employee in December 2025 for using non-public information for personal gain.^[11][12]
• Binance Wallet suspended an employee on March 25, 2025 for using inside knowledge of a token launch.^[13]
• Binance announced its Cristiano Ronaldo partnership on June 23, 2022.^[14]

影响

• 我们的解读O'Leary will have to back his 2022 accusation with documents, or not.
• 已确认If the estate wins, the $1.76 billion goes to FTX creditors.
• 已确认The court has already ruled the collapse claims out, so the fight is only about the 2021 money.

仍未知

• What exactly the subpoenas ask O'Leary and Lewis for
• Whether they will challenge the subpoenas
• Any trial date

影响到谁

United States, Global. Anyone who traded on FTX or Binance, or follows crypto influencers

来源

1. Bloomberg Law: Binance Subpoenas Kevin O'Leary, Michael Lewis in FTX Row 2026年11月5日 · 媒体
2. Bitcoin.com News: Binance Pulls Kevin O'Leary, Michael Lewis Into $1.76B FTX Clawback Lawsuit 2026年11月7日 · 媒体
3. Okin Adams (law firm): FTX-Binance ruling preserves $1.76 billion clawback claims 2026年7月31日 · 媒体
4. US Senate Banking Committee: Testimony of Mr. Kevin O'Leary, 14 Dec 2022 2022年12月14日 · 官方
5. The Block: CZ declined to pay $40 million to SBF to create a futures exchange: Going Infinite 2023年10月4日 · 媒体
6. The Block: Binance acquires crypto derivatives exchange JEX 2019年9月2日 · 媒体
7. Decrypt: Sam Bankman-Fried: Why I Bought Back Binance's Shares in FTX 2021年7月22日 · 媒体
8. Reuters: FTX's founder dismisses balance sheet concerns as 'false rumors' 2022年11月7日 · 媒体
9. Banking Dive: FTX suing Binance, founder for $1.76B 2024年11月12日 · 媒体
10. Protos: 'Secret' Coinbase, Binance listing fees spark heated debate 2024年11月4日 · 媒体
11. Yahoo Finance: Binance fires staff over insider information for 'personal gain' 2025年12月8日 · 媒体
12. Brave New Coin: Binance suspends employee over insider trading scandal involving meme token 2025年12月8日 · 媒体
13. Binance Wallet (X): Binance Wallet suspends employee over insider information about a TGE 2025年3月25日 · 官方
14. Binance: Binance Signs Cristiano Ronaldo for Exclusive Partnership 2022年6月23日 · 官方