Binance Dey Try Make Court Dismiss FTX $1.76B Suit Amid Claims of Fraudulent Transfers and Market Manipulation
FTX, di crypto exchange wey don bankrupt, don file lawsuit of $1.76 billion against Binance and their founder Changpeng Zhao (CZ), dem accuse say for July 2021, di buyback of FTX shares na finance by shele customer money through FTT, BNB, and BUSD tokens wey no belong to dem. FTX talk say dis transfer be fraud and CZ November 2022 tweet start liquidity crisis wey quicken FTX fall. Dem still talk say market manipulation and false acquisition talk dey too. For respond, Binance file motion for Delaware bankruptcy court to dismiss di case, say di buyback na legal, di claims no make sense, and court no get jurisdiction since Binance entities register outside US. Binance dey blame internal fraud under Sam Bankman-Fried (SBF) as di real reason why FTX fall. Court never decide yet. Dis legal battle show say crypto exchanges dey face more regulatory watch, e dey raise questions about market gbege, and fit affect price stability plus reputation of tokens like FTT and BNB wey dey central for dis dispute.
Neutral
Di lawsuit wey dey between FTX and Binance dey cause big legal wahala for both exchang-dem and their token-dem (FTT, BNB). Even though dem dey claim say e fit damage their reputation and regulatory side, the direct effect on market price no clear for now because court never talk, plus Binance don already try fight back the charges. The claims like fraud wahala and market manipulation dey make people dey watch token transactions more, but since dem never settle am quick quick, traders fit hold body make dem no react sharp sharp. Normally, this kind palava for crypto industry dey cause small market shake but e no always mean say market go go down or up steady until court talk finish.