Binance Disputes $1.76 Billion FTX Lawsuit, Accusing SBF of Internal Fraud

Binance has filed a motion to dismiss the $1.76 billion lawsuit brought by the FTX bankruptcy estate. Binance claims the lawsuit is baseless and points to internal fraud as the cause of FTX’s collapse. The motion argues that the failure of FTX was not due to external factors like competition, but rather stemmed from fraudulent activities within the company. This is supported by the conviction of former FTX CEO Sam Bankman-Fried on seven counts including fraud and conspiracy. Binance also cites his guilty plea as evidence of internal wrongdoing. 💰