Binance, the world’s largest encryption exchange, has moved to a refusal of a $ 1.76 billion lawsuit from Estate of the FTX Exchange now.
In the court documents submitted on Friday (May 16), Binance argues that the claim lacks merit and remembers that the court has a zero jurisdiction over the case.
🚨 BREAKING: Binance moves to dismiss FTX’s $1.76B lawsuit, calling it “legally deficient.”
FTX accused of deflecting from its collapse due to fraud. CZ’s FTT liquidation blamed!
Will the court agree? 🤔#Binance #FTX #CryptoNews
— Glowing AxolHodl (@GlowingAxo) May 20, 2025
Binance believes that FTX Legal is trying to turn responsibility away from FTX Sam Bankman-Fric founder
In the court’s deposits last week, Binance states that the legal team that represents FTX is wrongly depicting Binance and its co -founder, Changpeng Zhao, as the mastermind of a plan to undermine the exchange that no longer has now.
Binance submitted the court documents to the Dilayer judge late last week. In them, the stock exchange claims that FTX is trying to just transfer responsibility for its collapse to another.
Binance believes that the FTX Legal team is going on this way to avoid holding accountable former CEO Sam Bankman as the conspirator. Bankman-Fred was sentenced to 25 years in prison in the federal prison last year during a long-term case, which prosecutors described as “one of the largest fraud in companies in history.”
The conflict of $ 1.76 billion has a lot of date behind it. It started with the treatment of 2021 where the FTX reconfigured the 20 % stake in the company.
The re -purchase process was complicated because it included a mixture of digital assets, including BNB, Busd and original FTX, FTT. About November 2022, with rumors about financial instability within FTX at the time, CZ moved to X, saying that Binance will empty FTT.
Binance just decided to exit #FTX & #FTT!!!
🚨🚨🚨🚨🚨🚨 pic.twitter.com/dW9bwDBYir
— Duo Nine ⚡ YCC (@DU09BTC) November 6, 2022
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FTX ESTATE believes that public CZ comments caused it to fall
This is where the FTX ESTATE claims that Binance and CZ were effective in the FTX collapse, as they argue that the general comments of CZ caused a series of clouds that put the nail in the coffin for exchange.
A counter -claim from Binance stipulates that FTX continued to work for more than 16 months after the treatment of re -purchase in 2021, and the lawsuit failed to prove that the data made by CZ was wrong.
As a final point, the Binance Legal Team argues that the court lacks a personal jurisdiction, saying that Binance is located outside the United States and Check Check has not participated in the field of buying the purchase directly.
This old legal battle is part of the broader efforts made by FTX ESTATE to recover money for its creditors. More than $ 11 billion is due to VTX victims. There are strong reports that the real estate recovery plan will start large distributions of the creditor on May 30.
The entire encryption community will monitor the market reaction on May 30. After a multi -year legal disaster, many investors will be compensated, which may lead to injecting billions of new liquidity into the market.
Many creditors who are compensated to June are traders and investors are not lucky enough to throw their money in the FTX collapse.
Surprisingly, the FTT code rises by 1.5 % per day, and is currently trading $ 1.22. For each coinecko, it still has the maximum market market of $ 400 million with no use. The most surprising is the trading volume, exceeding 15 million dollars during the past 24 hours alone.
(Coingecko)
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