Binance Bitcoin Futures ‘Attack’ Sees FTX Exchange Face $150M Lawsuit
William Suberg's original article for cointelegraph.com reduced by 51%
Cryptocurrency derivatives exchange FTX has received a $150 million lawsuit for market manipulation and selling unlicensed securities in the United States. Uploaded to social media by End of the Chain podcast host Samuel McCulloch on Nov. 3, sections of the lawsuit document show FTX accused of "Attacking" fellow exchange Binance.
Lawsuit: FTX had "Manipulative and deceptive scheme". According to the plaintiff's lawyers, FTX used accounts to manipulate Binance's recently-launched Bitcoin futures in mid-September. "Defendants, and each of them, were caught red-handed when, at about 21:00 EDT on September 15, 2019, and acting in furtherance of the manipulative and deceptive scheme as alleged hereinabove, Defendants, and each of them, made two illicit unsuccessful attempts to manipulate prices of Bitcoin futures listed on Binance cryptocurrency futures exchange." "The crux of the plaintiff's argument is that FTX used its position to manipulate BTC prices using momentum ignition algos, with the goal of creating liquidation cascades," McCulloch summarized.
FTX has yet to issue a public comment on the proceedings, which come as competitor BitMEX remains in the spotlight over a user data leak last week.
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