Binance has filed a motion to dismiss a $1.76 billion lawsuit brought by the FTX estate, labeling the claims as "legally deficient" and arguing that U.S. courts lack jurisdiction over the matter.

This lawsuit was initiated in November 2024 and it seeks to recover approximately $1.76 billion in cryptocurrency assets that FTX transferred to Binance in July 2021.

This transfer was part of a share repurchase agreement wherein FTX bought back a 20% equity stake it had previously sold to Binance in 2019.

The FTX estate alleges that the repurchase was funded using misappropriated customer funds at a time when FTX was already insolvent.

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