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Home News Crypto

Binance Challenges FTX Lawsuit: Moves to Dismiss $1.76B Claim, Calling It Legally Flawed

20 May 2025
in Crypto, News
Reading Time: 3 mins read
103 6
source: x.com

source: x.com

Binance has filed a motion to dismiss a $1.76 billion clawback lawsuit brought by FTX’s bankruptcy trustee.

The lawsuit alleges that Binance improperly withdrew funds from FTX before its collapse in late 2022. Binance argues that the claims are “legally deficient” and should be thrown out.

Binance Seeks Dismissal of FTX’s $1.76B Clawback Suit, Calling It ‘Legally Deficient’
► https://t.co/MymBygXzL9 https://t.co/MymBygXzL9

— Decrypt (@DecryptMedia) May 20, 2025

Following the dramatic bankruptcy of FTX in November 2022, John Ray III was appointed as the new CEO and trustee to oversee the liquidation and recovery of assets for creditors. The trustee filed a lawsuit against Binance, accusing the exchange of withdrawing approximately $1.76 billion in FTX funds shortly before FTX’s insolvency became public. The clawback suit aims to recover these funds to redistribute among FTX’s creditors.

The lawsuit claims Binance knowingly received funds from FTX while the latter was insolvent, which could constitute a fraudulent transfer under bankruptcy law. This legal action is part of broader efforts by FTX’s trustee to reclaim assets lost during the collapse of the exchange.

In response, Binance has submitted a motion to dismiss the case, arguing that the complaint lacks sufficient legal grounds. The exchange contends that the funds were transferred as part of normal business operations and that Binance did not know about FTX’s financial troubles at the time of the transactions.

Binance’s legal team further asserts that the trustee has failed to establish that the transfers were fraudulent or that Binance acted in bad faith. The motion emphasizes that the lawsuit is based on speculative allegations without concrete evidence.

This legal battle highlights ongoing tensions between major crypto players after FTX’s collapse, which sent shockwaves through the industry. The outcome of this case could set important precedents regarding the responsibilities and liabilities of exchanges handling funds during financial distress.

For Binance, a favourable ruling would help protect its reputation and operational stability amid increasing regulatory scrutiny worldwide. For FTX creditors, recovering these funds is critical to maximizing their returns from the bankruptcy process.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BINANCECryptoFTX
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Bobby Okposin

Bobby Okposin

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