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US court dismisses case against FTX worth $150 million

The U.S. court is said to have dismissed the case worth around USD 150 million against the cryptocurrency derivatives exchange FTX. It was said the suit was made due to market manipulation and unlicensed securities sales, but the court has not found any solid grounds to continue with the lawsuit.

The company called Bitcoin Manipulation Abatement LLC filed the suit for the sale of unlicensed securities in the U.S. and market manipulation. 

It was said in the report that:

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.

In a reaction to the news infamous CZ (the CEO of Binance) said:

A market maker from a smaller futures exchange tried to attack @binance futures platform. NO ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that

It was clear that something went on but as always these things are hard to prove. This is not the first case of its kind but it is important that Binance had security measures in place to keep its customers safe.. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

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