đš Binance Lawyers Ask Court to Throw Out $1.76B FTX Lawsuit Case đš
Binance is fighting a $1.76 billion lawsuit from the FTX estate, seeking a Delaware court to dismiss it .
The case centres on a 2021 equity buyback deal between the two crypto exchanges, which took place over a year before FTX collapsed.
Binance argues the lawsuit is âlegally flawedâ and should be dismissed.
FTX says it used customer funds without permission to repurchase Binanceâs stake.
But Binanceâs lawyers claim the accusation is based on weak assumptions and lacks evidence.
In its court filing, Binance argued that FTX is trying to shift blame away from its founder, Sam Bankman-Fried, who is serving a 25-year prison sentence for fraud.
Binance claims the lawsuit ignores the real reason for FTXâs failure, calling it âone of the biggest corporate frauds in history.â
The company also said it had no role in FTXâs collapse and emphasized that none of its executives.
The company also defended the former CEO Changpeng Zhao saying that he was not directly involved in the 2021 deal.
FTX also blames a series of tweets by Zhao in November 2022âespecially one about selling Binanceâs FTT tokensâfor sparking panic among users and speeding up its downfall.
Binance pushed back, saying those tweets came after a CoinDesk report that had already raised major concerns about FTXâs finances.
