{"id":8808,"date":"2025-05-20T17:52:25","date_gmt":"2025-05-20T17:52:25","guid":{"rendered":"https:\/\/cryptonewsdesk.com\/?p=8808"},"modified":"2025-05-20T17:52:27","modified_gmt":"2025-05-20T17:52:27","slug":"binance-moves-to-dismiss-ftxs-1-76-billion-lawsuit-citing-lack-of-jurisdiction-and-ftx-misconduct","status":"publish","type":"post","link":"https:\/\/cryptonewsdesk.com\/index.php\/2025\/05\/20\/binance-moves-to-dismiss-ftxs-1-76-billion-lawsuit-citing-lack-of-jurisdiction-and-ftx-misconduct\/","title":{"rendered":"Binance Moves to Dismiss FTX&#8217;s $1.76 Billion Lawsuit, Citing Lack of Jurisdiction and FTX Misconduct"},"content":{"rendered":"\n<p><strong>Binance<\/strong> and its former CEO <strong>Changpeng Zhao (CZ)<\/strong> have filed a motion to dismiss a $1.76 billion lawsuit brought by <strong>FTX\u2019s bankruptcy estate<\/strong>, claiming that the case lacks jurisdiction and that FTX alone is responsible for its financial collapse. The motion, filed on <strong>May 16<\/strong> in Delaware bankruptcy court, marks the latest chapter in the long-running fallout from FTX&#8217;s dramatic implosion in 2022.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Binance Challenges Legal Grounds of FTX Lawsuit<\/h2>\n\n\n\n<p>At the heart of the lawsuit is a <strong>$1.76 billion transaction<\/strong> from July 2021, when FTX repurchased equity from Binance as part of a divestment deal. At the time, Binance had been one of FTX&#8217;s largest early investors but exited its position ahead of the now-infamous collapse. The <strong>FTX Recovery Trust<\/strong>, which is tasked with recouping assets for creditors, claims that the repurchase constituted a fraudulent transfer that should be clawed back.<\/p>\n\n\n\n<p>Binance, however, argues that the payment is protected under <strong>bankruptcy \u201csafe harbor\u201d provisions<\/strong>, as it was executed under a securities contract. The motion states that these types of transactions are exempt from clawbacks under U.S. bankruptcy code, effectively nullifying FTX\u2019s claim.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">CZ\u2019s Role Under Scrutiny Binance Pushes Back<\/h2>\n\n\n\n<p>The lawsuit further alleges that <strong>Changpeng Zhao\u2019s social media posts<\/strong> contributed to a panic that fueled a bank run on FTX in November 2022, shortly before its collapse. The FTX legal team frames Zhao&#8217;s actions as part of a deliberate \u201ccampaign to destroy FTX.\u201d<\/p>\n\n\n\n<p>Binance\u2019s response was firm: \u201cPlaintiffs\u2019 only support for this theory is pure conjecture much of it sourced from a convicted fraudster\u2019s hindsight speculation.\u201d The statement refers to <strong>Sam Bankman-Fried<\/strong>, the disgraced founder of FTX, who was convicted on fraud and conspiracy charges in 2023.<\/p>\n\n\n\n<p>Binance maintains that Zhao\u2019s comments were truthful and based on public information, dismissing the suggestion of coordinated malice as unfounded.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Jurisdiction Dispute and Blame on FTX<\/h2>\n\n\n\n<p>A key pillar of Binance\u2019s motion is the <strong>jurisdictional challenge<\/strong>. The exchange notes that all three FTX entities involved are incorporated outside the U.S., specifically in the <strong>Cayman Islands and Ireland<\/strong>, while Binance itself is also a non-U.S. entity. Therefore, Binance argues that the Delaware court lacks the authority to adjudicate the case.<\/p>\n\n\n\n<p>Furthermore, Binance places full responsibility for the collapse of FTX on <strong>Sam Bankman-Fried and FTX leadership<\/strong>, pointing to \u201cpervasive malfeasance\u201d and \u201congoing fraud\u201d cited within the FTX lawsuit itself.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Industry Impact and What\u2019s Next<\/h2>\n\n\n\n<p>The legal battle highlights the <strong>deep fractures within the crypto industry<\/strong> following FTX\u2019s demise. With over <strong>$8 billion in customer funds lost<\/strong>, creditors and trustees continue to pursue aggressive legal action against parties tied to FTX\u2019s past operations.<\/p>\n\n\n\n<p>As Binance seeks to dismiss the lawsuit entirely, the court\u2019s ruling on jurisdiction and safe harbor protections could set a significant precedent for how crypto-related bankruptcies are litigated going forward.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance and its former CEO Changpeng Zhao (CZ) have filed a motion to dismiss a $1.76 billion lawsuit brought by FTX\u2019s bankruptcy estate, claiming that the case lacks jurisdiction and that FTX alone is responsible for its financial collapse. The motion, filed on May 16 in Delaware bankruptcy court, marks the latest chapter in the&#8230;<\/p>\n","protected":false},"author":3,"featured_media":8809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[227,68,65],"class_list":["post-8808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-bankruptcy","tag-binance","tag-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Binance Moves to Dismiss FTX&#039;s $1.76 Billion Lawsuit, Citing Lack of Jurisdiction and FTX Misconduct - Crypto News<\/title>\n<meta name=\"description\" content=\"Binance and former CEO CZ have moved to dismiss FTX\u2019s $1.76B lawsuit, citing lack of jurisdiction and FTX\u2019s own misconduct. 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