FTX Exchange Gets Its $150M Lawsuit Dismissed By US Court

The popular crypto derivatives FTX exchange got its $150 million lawsuit dismissed by a US court and the initial reasoning behind the lawsuit was the market manipulation and unlicensed securities sales however the court has not found any solid grounds to move on with the lawsuit. In today’s blockchain news we take a closer look at the rejected lawsuit.

Earlier this year, the crypto derivatives FTX exchange was accused of the sale of unlicensed securities in the US and also of market manipulation. This resulted in a lawsuit that was filed by a company called ‘’Bitcoin Manipulation Abatement LLC’’’, requiring $150 million to be paid in exemplary and punitive damages. The claim that the FTX exchange tried to manipulate the market was an attack on one of the largest crypto exchanges by volume which is, of course, Binance.

According to the recent reports, the U.S. district court in California granted the motion to dismiss the filed lawsuit by the company that runs FTX which is Alameda Research LLC and the court decision stated:

 “Defendant Alameda Research LLC’s motion to dismiss Bitcoin Manipulation Abatement LLC’s Amended Complaint in the above-captioned action came on regularly for hearing before the Court on February 13th, 2020. After considering the papers submitted by the parties and the argument of counsel, the Court finds that plaintiff has failed to comply with the requirements of Fed. R. Civ. P. 9(b) or 8(a)(2), and that dismissal is warranted under Fed. R. Civ. P. 12(b)(1) and 12(b)(6). Accordingly, Alameda Research LLC’s motion to dismiss is granted, and the Amended Complaint is dismissed in its entirety with prejudice.”

Binance’s CEO and founder Changpeng Zhao confirmed that the events are taking place on the exchange and he called them an attack. At that time, Bitcoin was trading at around $10,325 but CZ provided a chart nothing in a matter of seconds and the price of the major cryptocurrency dropped to $10,024. He also reassured the users of his exchange that ‘’no one was liquidated as we use the index price for liquidations.’’ Further, he noted that this is a similar attempt of a second attack from the same alleged attacker and he dismissed the chance of being an actual attack that was carried on the platform.
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