20 May 2025, 13:55

Binance wants the $1.76B FTX lawsuit dismissed, blames SBF for collapse

Binance has filed a motion in Delaware Bankruptcy Court to dismiss a lawsuit brought by the estate of FTX Trading Ltd., which seeks to recover $1.76 billion related to a 2021 share buyback deal. The crypto exchange contends that the estate is attempting to redirect blame for its collapse from the criminal misconduct of founder Sam Bankman-Fried. In the motion submitted on May 16, Binance’s legal team called the suit “legally deficient,” adding that FTX’s bankruptcy was the result of internal failures rather than any wrongful action on Binance’s part. According to the filing, the lawsuit “goes to almost absurd measures to downplay” the role of Bankman-Fried, who was convicted in 2023 of seven counts of fraud, conspiracy, and money laundering and is now serving a 25-year federal prison sentence. Dispute over $1.76 billion transfer The plaintiffs are suing Binance on the basis of a July 2021 transaction, in which the former sold its equity stake in FTX back to the company. In return, Binance allegedly received a substantial sum in crypto assets, funds the FTX estate claims were improperly drawn from customer deposits. The bankruptcy estate alleges this deal was executed while the exchange was already insolvent, making it a fraudulent transfer under US bankruptcy law. Binance expostulates the claims, saying FTX was operating for 16 months after the transaction and insists that no insolvency existed at the time. The crypto exchange added that the entities named in the lawsuit, Binance Holdings Limited and related affiliates, were not parties to the share repurchase agreement and are not properly identified as transferees. The crypto exchange wants courts to dismiss the complaints for failing to meet the legal requirements for an intentional or constructive fraudulent transfer. Among its arguments, Binance invokes the Bankruptcy Code’s “safe harbor” provision, which shields certain financial transactions from clawback claims. It propounded that FTX did not receive less than “reasonably equivalent value” for the repurchase or “Binance acted with fraudulent intent.” Binance says case lacks jurisdictional grounds and causality In another element of Binance’s defense, the US court lacks authority over the foreign entities listed in the complaint, none of which are incorporated or based in the United States. “ General jurisdiction exists only if the entity-defendant is essentially ‘at home’ in the forum, but Plaintiffs’ own allegations confirm that the BHL Defendants are not ‘at home’ in the US: they are foreign corporations with foreign headquarters ,” Binance’s lawyers surmised. In its filing, Binance insisted that Zhao’s tweet was prompted by information already in the public domain, specifically referencing a November 2, 2022, CoinDesk report that exposed an overlap between FTX and its sister firm, Alameda Research, not evidence of manipulative intent. “ The Complaint contains no such facts ,” Binance stated. The company’s lawyers argue that many of the allegations are speculative theories and unverified statements made in hindsight, often originating from a “convicted fraudster,” identified as Bankman-Fried. Second round of FTX creditor payouts scheduled Away from court sessions, the FTX estate is proceeding with its second round of payouts to creditors. On May 15, 2025, FTX Trading Ltd. and the FTX Recovery Trust announced the next phase of distributions as part of their Chapter 11 Plan of Reorganization. According to the announcement, eligible creditors who have completed all pre-distribution steps can expect to receive funds starting May 30. The payments will be delivered through BitGo or Kraken, two designated distribution service providers, and should arrive within one to three business days of the release date. The plan outlines varying payout percentages depending on the class of claim. Dotcom Customer Entitlement Claims (Class 5A) will receive 72% of their approved amount. KEY Difference Wire : the secret tool crypto projects use to get guaranteed media coverage

20 May 2025, 13:38

Bitget Distributes 5,000+ Pizzas in Global Celebration of Bitcoin Pizza Day

Bitget marked Bitcoin Pizza Day by distributing over 5,000 pizzas in over 20 cities across five continents. The global events brought together over 2,000 crypto enthusiasts for networking. Bitget reinforced its commitment to grassroots crypto education and expanding its presence in emerging markets through this initiative. Crypto exchange Bitget commemorates Bitcoin’s most legendary transaction by uniting communities worldwide through pizza and conversations on decentralization. Specifically, Bitget has organized a global event, distributing more than 5,000 pizzas across over 20 cities in honor of Bitcoin Pizza Day. Honoring the First Bitcoin Transaction Bitcoin Pizza Day, celebrated annually on May 22, marks the 2010 transaction in which Laszlo Hanyecz famously paid 10,000 BTC for two pizzas. This event is widely regarded as the first real-world transaction using Bitcoin. At the time, the deal was worth around $41. Today, with Bitcoin valued at $105K per unit, that same amount of BTC would be worth over $1.05 billion. Given the massive increase in Bitcoin’s value over the past 15 years, the day has become a symbolic reminder of Bitcoin’s humble beg… The post Bitget Distributes 5,000+ Pizzas in Global Celebration of Bitcoin Pizza Day appeared first on Coin Edition .

20 May 2025, 13:36

Kraken launches crypto derivatives offering in Europe

More on Crypto Bitcoin: The Rally Continues And I'm Still Behind It The Theoretical Problem Of L2 In Ethereum Crypto Market Today: BTC-USD Consolidation And XRP-USD Potential Breakout SA Charts: How did Bitcoin miners do in April? Asian indexes mixed after China cuts interest rates, U.S. futures dip

20 May 2025, 13:35

SEC’s Katherine Reilly Highlights Bitcoin-Related Fraud as Major Priority Amid $3.96 Billion Losses

COINOTAG News, May 20th — In a significant move for investor protection, Katherine Reilly has assumed the role of Acting Inspector General of the U.S. Securities and Exchange Commission (SEC).

20 May 2025, 13:31

JUST IN! Microsoft Announces Collaboration for This Newly Listed Altcoin on Binance! Price Increased!

According to The Block, software giant Microsoft announced that it has partnered with cryptocurrency project Space and Time Labs (SXT). As part of this partnership, Space and Time will provide real-time data streaming to Microsoft's Fabric platform. According to the official announcement, Space and Time will provide Fabric users with “real-time, verifiable” data streams for Bitcoin, Sui, and Ethereum on the Microsoft Azure OneLake platform. “By integrating with Microsoft Fabric, Space and Time not only expands our ability to deliver trusted data to developers and businesses, but also aligns with our mission to democratize technology across industries, including Web3,” said Sruly Taber, Chief Product Manager, Microsoft Fabric. “This integration underscores our commitment to providing tools that increase productivity and drive innovation on a global scale.” “Integrating SXT makes it easier for Microsoft developers to access crypto data and provides a reliable and efficient solution for businesses to leverage insights about on-chain activity directly within their own applications,” said Nate Holiday, co-founder and CEO of Space and Time. Holiday said major banks are among its potential target customers. Following the news, the SXT price rose. M12, Microsoft's VC arm, previously participated in SXT's Series A and led its 2022 strategic funding round. *This is not investment advice. Continue Reading: JUST IN! Microsoft Announces Collaboration for This Newly Listed Altcoin on Binance! Price Increased!

20 May 2025, 13:30

Massive XRP Selling Pressure Is Stalling Price Action, Analyst Warns

XRP’s latest rally attempt has stalled just beneath a key volume-weighted average price (VWAP) level that traces back to the asset’s all-time high, according to a market update published on X earlier today by independent trader Dom (@traderview2). XRP Selling Pressure Is Capping Price Gains The 12-hour Binance chart shared by the analyst shows XRP/USDT changing hands at $2.4375 at 12:18 UTC-4, up 2.08 % on the session but still unable to reclaim what Dom labels the “ATH VWAP”—a long-term metric drawn from the April 2021 peak. A green band representing that average is currently drifting downward through ≈ $2.47, capping every intraday advance since mid-May. Beneath the price action, the seller’s footprint is unmistakable. “There’s simply been an overload of market selling and passive buyers have really tried their best to hold it up so far,” Dom wrote, citing proprietary order-flow statistics that record a net outflow of 240 million XRP across spot venues in the past week. Roughly 180 million of those units were allegedly dumped on Coinbase and South Korean exchange Upbit, while Binance has actually been decently flat, the post adds. Related Reading: Pundit Says XRP Price Will Stabilize At $1,000 And Become ‘Very Expensive’ The same chart plots two shorter-term anchored VWAPs that have become the coin’s last line of near-term support: a one-month rolling VWAP at $2.31, currently 5.22% below the session high (orange), and a three-month VWAP at $2.28, 6.40 % lower (cyan). XRP is “hanging on to the monthly and quarterly VWAP by a thread,” Dom warns. A decisive breach of those bands around $2.31–2.33 would leave the market “really just mid-range noise until … $2.20 is lost,” he adds, pointing to the December–February midpoint drawn on the left-hand volume profile. Related Reading: ‘What If XRP Is The Next Bitcoin?’ Says Dave Portnoy While Bitcoin has been “really just bouncing around” in a broad consolidation zone, the correlation has offered little relief to XRP bulls. Every minor rise in BTC has been met by fresh spot offers in XRP, underscoring what Dom calls the “very hard to see upward moves when we are seeing this type of market selling pressure.” For now, the technical chessboard is clear: reclaim the ATH VWAP and the path opens toward the late-March swing high above $3.00; lose $2.20 and the door swings the other way, toward the confluence of high-volume nodes stacked below $2.00. Until one of those barriers gives, the analyst concludes, XRP “has lost its pep in its step” and remains caught in a tug-of-war between relentless spot sellers and a thinning layer of passive bids. At press time, XRP traded at $2.36. Featured image created with DALL.E, chart from TradingView.com