Binance seeks to dismiss FTX's $1.76 billion recovery lawsuit, saying it is "legally flawed"

Binance has asked a Delaware bankruptcy judge to dismiss a $1.76 billion lawsuit filed by FTX, saying the defunct crypto platform was trying to "shift" responsibility for its collapse from founder Sam Bankman-Fried to competitors. In a motion to dismiss filed on Friday, Binance Holdings said the lawsuit was "legally flawed" and could not reasonably link Binance or its former chief executive, Changpeng Zhao, to FTX's collapse.
"The plaintiffs pretended that FTX did not collapse because of one of the worst corporate frauds in history," the filing notes, noting that former chief executive Sam Bankman-Fried is serving a 25-year prison sentence for defrauding customers, investors and lenders.
The lawsuit, filed last November, seeks to recover about $1.76 billion of cryptocurrency that FTX transferred to Binance in July 2021 under a share repurchase agreement.