Binance claims that FTX's fraud is the sole cause of its collapse, seeking the dismissal of a $1.76 billion lawsuit from FTX in Delaware court. This legal battle originates from a stock buyback agreement between the two exchanges, highlighting ongoing complexities in legal interpretations affecting cryptocurrency transactions.
Binance argues that FTX’s downfall was due to corporate fraud perpetrated by its founder, Sam Bankman-Fried, and stresses that its own actions were not to blame. Additionally, Binance contends that the questioned transactions are protected under bankruptcy law.
Market activity reflects shifting investor sentiment regarding the FTX Token (FTT), despite increasing legal scrutiny. Regulatory outcomes in this case are expected to influence future dealings between exchanges and redefine operational assurances in the cryptocurrency market.
Full story here: https://coincu.com/338771-binance-dismisses-ftx-clawback-lawsuit
