Binance-affiliated entities have filed a nearly $470 million lawsuit accusing RedotPay of diverting their users.
47 minutes ago
According to Bloomberg, Binance-affiliated entities Nest Trading, Distributed Technologies, and Chaintecs Consulting Singapore have jointly filed a lawsuit in Hong Kong against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao, accusing the trio of breaching agreements by diverting over 470,000 users from Binance Card to RedotPay and claiming $472.8 million in damages. Separately, Binance-related entity Chaintecs has also initiated a lawsuit against a RedotPay affiliate in Singapore, with a hearing scheduled for Friday. RedotPay previously sought an initial public offering (IPO) at a valuation of around $4 billion; the company states it currently has $14 billion in annualized payment volume, $180 million in annualized revenue, and over 8 million users.
AI meteorological technology firm WindBorne Systems completes $37 million Series B funding round.
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Enterprise AI agent firm HappyRobot closes $150 million Series C funding round, with a valuation of $1.2 billion.
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South Korea continues to ramp up efforts on sovereign AI, establishing a 1 trillion won AI infrastructure fund with a focus on investing in data centers and energy facilities.
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Duan Yongping’s reduction of his large position in Pop Mart is not active selling; the recent stake cut stems from the passive exercise of call options.
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