BitcoinSistemi 2025-05-20 17:23:09

New Development in the $1.8 Billion Binance – FTX Case: "Rejection Request Received from Binance, SBF Pointed Out!"

Binance, the world's largest cryptocurrency exchange, has requested that FTX's $1.76 billion refund lawsuit be dismissed. Binance has asked the Delaware bankruptcy court to dismiss a $1.76 billion lawsuit filed by FTX, The Block reported. Binance claimed in its motion to dismiss that the lawsuit had no legal basis and was devoid of any factual basis. Binance stated that they were not responsible for FTX's collapse, stating that the bankruptcy was not due to Binance's actions, but rather FTX's own mistakes and fraudulent actions. Binance lawyers have highlighted that FTX founder Sam Bankman-Fried was at the center of “one of the largest corporate frauds in history” and was sentenced to 25 years in prison by a federal court for his criminal actions. Binance also claims that the court has no jurisdiction over foreign assets. The lawsuit, filed in November of last year, aims to recover approximately $1.76 billion worth of cryptocurrency that FTX transferred to Binance as part of a share buyback agreement in July 2021. FTX sold 20% of its shares to Binance in 2019 and later bought back the remaining 20% using BNB, BUSD, and FTT tokens. Related News: JUST IN! FTX Files Lawsuit Against Binance Former CEO CZ, Demanding $1.8 Billion! However, FTX is demanding a refund of the $1.76 billion it paid to Binance, claiming that the company was insolvent at the time and that customer funds were used without permission. Binance, on the other hand, claims that FTX operated for another 16 months after the agreement, and that the claims that FTX went bankrupt during that period are untrue. *This is not investment advice. Continue Reading: New Development in the $1.8 Billion Binance – FTX Case: "Rejection Request Received from Binance, SBF Pointed Out!"