Source: Cointelegraph
Original: “Binance Seeks Dismissal of FTX's $1.76 Billion Lawsuit, Blaming Collapse on SBF”
Binance has filed a motion to dismiss the $1.76 billion lawsuit brought by the FTX estate, accusing the now-defunct cryptocurrency exchange of attempting to shift the blame for its own failures onto others.
The motion was submitted on May 16, 2025, in Delaware bankruptcy court, with Binance's legal team stating that the lawsuit is “legally flawed,” pointing out that FTX's collapse was not caused by market manipulation or hostile actions, but rather by internal misconduct.
The complaint states: “The plaintiffs pretend that FTX's collapse was not the result of one of the largest corporate frauds in history.” The complaint also notes that Sam “SBF” Bankman-Fried has been convicted on seven counts of fraud and conspiracy.
The FTX estate claims that Binance obtained billions of dollars in cryptocurrency during a buyback transaction in 2021, and that these funds were acquired through the improper use of customer assets.
Binance dismissed this claim, stating that “FTX continued to operate for 16 months after the share buyback” and that there is “no reasonable evidence” to suggest that the exchange was insolvent at that time.
The lawsuit also accuses Binance's former CEO Changpeng Zhao of triggering the collapse with a tweet on November 6, 2022, announcing the liquidation of FTT tokens.
In response, Binance argued that Zhao's tweet was based on publicly known concerns. “Binance's decision to liquidate its remaining FTT was actually ‘due to recent disclosures’—specifically, a CoinDesk article on November 2, 2022,” which exposed Alameda Research's balance sheet.
The company further defended Zhao's comments, stating that Binance would do its best to minimize market impact. “The complaint contains no factual basis” to prove that Binance had no intention of fulfilling its commitments.
Questioning the court's jurisdiction, Binance stated that the named foreign entities “are not registered in the U.S. or primarily operating in the U.S.,” thus falling outside the court's jurisdiction.
The complaint also criticized the plaintiffs' narrative as a “hodgepodge of state law claims,” based on “pure speculation—much of which comes from the post-hoc conjecture of a convicted fraudster.”
Binance has requested the court to dismiss all claims entirely. The FTX estate has yet to submit a response.
FTX will begin the second round of creditor repayments more than two years after filing for bankruptcy.
According to a notice from the FTX Recovery Trust Fund on May 15, over $5 billion will be distributed through BitGo and Kraken starting May 30, targeting the second group of eligible creditors in the exchange's restructuring plan.
Under this plan, five creditor groups classified as “convenience classes” are expected to receive between 54% and 120% of their claims. Overall, FTX may repay up to $16 billion, depending on the final number of valid claims.
Related: Binance Seeks Arbitration for All Members of Securities Class Action
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