Court Rejects $ 150 Million Binance Futures Exchange Manipulation Lawsuit
US court dismisses lawsuit against FTX crypto derivatives exchange accused of market manipulation and sale of securities without a license.
“The court considered the motion of the defendant company Alameda Research LLC to dismiss the amended claim of the plaintiff company Bitcoin Manipulation Abatement LLC and concluded that the defendant did not comply with the provisions of the Fed. R. Civ. P. 9 (b) or 8 (a) (2). Dismissal of a claim is governed by Fed. R. Civ. P. 12 (b) (1) and 12 (b) (6), said the judge. – The amended claim is dismissed in its entirety without the right to file for reconsideration. “.
According to the plaintiff, FTX conspired to engage in organized crime, manipulated the cryptocurrency market, fostered price manipulation and bad business practices..
According to the prosecution, the defendants were convicted of trying to manipulate the price of bitcoin on the Binance futures platform. According to Bitcoin Manipulation Abatement LLC, on September 15, they organized the sale of futures contracts in the amount of 255 BTC, seeking to cause “an artificial movement of the rate, which would entail a cascading execution of stop-loss orders and liquidation of long positions in futures.”.
In addition, the plaintiff argued that the FTX used a variety of brokerage accounts to manipulate the market, using methods that were previously recognized by the Commission on US Securities and Exchange Commission illegal, and also provided unlicensed money transfer services through its OTC platform, which was used to sell approximately 50 million FTT tokens to US residents.
Based on these reasons, Bitcoin Manipulation Abatement LLC demanded to recover $ 150 million from FTX.
Alameda Research, the parent company of FTX, simultaneously with the appearance of information about the lawsuit on the network called it “laughable” and its organizers – “trolls.”. Binance CEO Changpeng Zhao denied information that his company could be associated with this proceeding, noting that they managed to settle the misunderstandings with FTX out of court.
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