Binance seeks to dismiss $1.76B FTX lawsuit, blames SBF for collapse

Binance is pushing to dismiss a $1.76 billion lawsuit filed by FTX, claiming the suit wrongly blames Binance and former CEO Changpeng Zhao for a collapse caused by internal fraud.

Binance has filed a motion to dismiss a $1.76 billion lawsuit brought by the FTX estate, accusing the defunct crypto exchange of trying to deflect blame for its own failure.

Filed on May 16 in the Delaware Bankruptcy Court, Binance’s legal team called the suit “legally deficient,” stating that FTX’s collapse was not triggered by market manipulation or hostile action but by internal misconduct.

“Plaintiffs are pretending that FTX did not collapse as the result of one of the most massive corporate frauds in history,” the filing said, pointing to Sam “SBF” Bankman-Fried’s conviction on seven counts of fraud and conspiracy.

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