Binance has filed a motion to dismiss a $1.76 billion lawsuit brought by the FTX estate, accusing the defunct crypto exchange of trying to deflect blame for its own failure.

Filed on May 16 in the Delaware Bankruptcy Court, Binance’s legal team called the suit “legally deficient,” stating that FTX’s collapse was not triggered by market manipulation or hostile action but by internal misconduct.

“Plaintiffs are pretending that FTX did not collapse as the result of one of the most massive corporate frauds in history,” the filing said, pointing to Sam “SBF” Bankman-Fried’s conviction on seven counts of fraud and conspiracy.

FTX’s estate alleges that Binance received billions in crypto during a 2021 buyback deal, funded improperly with customer assets.

Binance rejects this claim, stating that “FTX remained a going concern for 16 months” after the share repurchase and that there was “no plausible claim” the exchange was insolvent at the time.

Related: Binance wants arbitration for all members of securities class suit

Zhao’s tweet and FTT crash

The lawsuit also accuses former Binance CEO Changpeng Zhao of triggering a collapse through a tweet on Nov. 6, 2022 announcing the liquidation of FTT tokens.

In response, Binance argued that Zhao’s tweet was based on publicly known concerns. “Binance’s decision to liquidate its remaining FTT was, in fact, ‘due to recent revelations ’— in particular, the Nov. 2, 2022, CoinDesk article” that exposed Alameda Research’s balance sheet.

The company further defended Zhao’s comment that Binance would aim to minimize market impact. “The Complaint contains no such facts” to prove Binance had no intention of following through.

In challenging the court’s jurisdiction, Binance said none of the foreign entities named “are incorporated in or maintain their principal place of business in the United States,” and thus fall outside the court’s reach.

The filing also criticizes the plaintiff’s narrative as “a grab bag of state law claims” based on “pure conjecture — much of it sourced from a convicted fraudster’s hindsight speculation.”

Binance has asked the court to dismiss all claims with prejudice. The FTX estate has not yet filed its response.

Related: FTX EU creditors can now withdraw money from Backpack exchange

FTX to disburse $5 billion in second round of creditor repayments

FTX is set to begin its second round of repayments to creditors more than two years after filing for bankruptcy.

In a May 15 notice, the FTX Recovery Trust announced that over $5 billion will be distributed starting May 30 through BitGo and Kraken, targeting parties in the second eligible group under the exchange’s reorganization plan.

According to the plan, five creditor groups categorized as “convenience classes” are expected to receive between 54% and 120% of their claims. In total, FTX may repay up to $16 billion, depending on the final number of valid claims.

Magazine: Father-son team lists Africa’s XRP Healthcare on Canadian stock exchange

]]> https://earlybirdsinvest.com/binance-seeks-to-dismiss-1-76b-ftx-lawsuit-blames-sbf-for-collapse/feed/ 0 37273 https://earlybirdsinvest.com/ftx-founder-sbf-moves-to-calmer-terminal-island-facility-after-notorious-victorville-stint/ https://earlybirdsinvest.com/ftx-founder-sbf-moves-to-calmer-terminal-island-facility-after-notorious-victorville-stint/#respond Fri, 25 Apr 2025 03:01:46 +0000 https://earlybirdsinvest.com/ftx-founder-sbf-moves-to-calmer-terminal-island-facility-after-notorious-victorville-stint/

Crypto Poster boy Sam Bankman-Fried has become a convicted felon, resurfaced in the headlines again this time to quietly move to the infamous Los Angeles prison with a history of Hollywood-level prisons, rather than a meltdown of courtroom dramas and exchanges.

From Al Capone to Charles Manson, Terminal Island Federal Correctional Facility (known as “Sea Prison”) is now home to the dishonest founder of FTX and has served for 25 years in one of the biggest financial frauds in modern history.

Within Terminal Island: How did Sambankman gain Land Land’s low security while taking in ocean views?

Terminal Island may have less paper security, but despite its coastal location near Hollywood, there is no mistake. This is not a white-collar country club for disgrace executives.

Located on an isolated strip between the Port of Los Angeles and the Pacific Ocean, the facility is notorious for housing some of America’s most infamous prisoners for decades, including mob boss Al Capone, cult leader Charles Manson and more recently Terranos Ku Ramesh “Sunny” Balwani.

Today, it holds over 1,000 male prisoners, most of whom spend their time on federal drugs, white collar or immigration-related crimes. The cells are double-strapped, and despite the “low security” designation, security remains strict.

The Department of Justice’s 2022 Prison Infrastructure Report on Terminal Island prison conditions states:As of May 2022, FCI Terminal Island has identified more than $100,000,000 for required projects where funds are not currently available. ”

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Inmates follow a strict daily schedule with mandatory work assignments, continuous meal times and minimal privacy.

Sources familiar with the facility described it as “institutional monotony encounters a quiet threat.” This means that while less violent than security prisons, alliances, orders, and implicit rules are the place where daily life is governed by.

Recreational access includes a basic library, limited email privileges and supervised recreation yards. But what truly defines the terminal island is the psychological weight of being warehoused between a faded atmosphere of infamousness and the men who made history or tried to deceive it.

Discovered: Top 20 Cryptography to Buy in April 2025

What is Sambankmanfried’s Prison Playbook? From interviews with Carlson to relocating LA prisons

But this is not just another prison relocation. Insiders say it’s a strategic change. Following a series of bold moves from the fallen crypto kingpin, he appears to be adjusting the strange red arc from the back bar.

A few weeks before the transfer, SBF shocked the public with a rogue interview from prison broadcast by Tucker Carlson.

The interviews could have been conducted via smuggled smartphones and aired without approval from the Prison Bureau, and reportedly landed with banks trapped in solitary cells. But that doesn’t stop him.

In fact, it seems to be part of a wider playbook.

The leaking of Google Docs from the day before the SBF sentence revealed plans to rehabilitate his public image through conservative media.

One bullet point literally read: “Go to Tucker Carlsen, get out as a Republican and get anti-awakening.” Title and strategy worthy of a Netflix script.

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The timing is not random. With Donald Trump inaugurated and a long history of presidential pardons for politically convenient allies, Bankman Fried appears to have realized himself as a mag-friendly martial artist to misunderstand libertarian whistleblowers from code villains.

During an interview with Carlson, the SBF even claimed that his $15 billion empire had paid back users in full and was able to brush past the brutal reality of his $11 billion return order. He dismissed the convictions of former FTX fellow Caroline Ellison, Ryan Salame and Gary Wang as a political theatre, subtly portraying himself as the last honest man in a system equipped by prosecutors.

And now, Terminal Island is far from Brooklyn’s media frenzy, but still close enough to California’s political throbbing, so SBF is reconstructing his next move.

His mobile may not be an investor, but his script looks more political than repentant.

Whether this is the beginning of a bid for pardon or simply another delusion from a fallen Imperial Builder, one thing is certain. And this story isn’t over.

Discover: Best New Cryptocurrencies to Invest in 2025

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Postsum Bankman Fried has just moved to California. InsideSBF’s Prison Playbook first appeared in 99 Bitcoin.

In an industry built on bold ideas, broken norms, and a constant stream of innovation, April Fools’ Day is more than a time for pranks; it’s a mirror.

This year’s jokes played with history, poked fun at present tensions, and offered a surprising amount of insight, all under the banner of humor. The posts remind us that the crypto community takes its culture just as seriously as its tech.

Here’s a look at a few of the most memorable posts that made the rounds on April 1.

Bitcoin core poker client proposal

A GitHub pull request titled “BIP-777: The Great Poker Restoration” proposed reintroducing a poker client into Bitcoin Core. The post claimed that early versions of Bitcoin had “gambling functionality” and that it was time to restore it.

It was formatted like a real Bitcoin Improvement Proposal, making it believable at first glance. The proposal detailed mock opcodes like OP_SECURETHEPOT and referenced “Satoshi-sized blinds,” wrapping technical satire in authentic Bitcoin dev language.

It struck a chord because of how believable it felt, especially given the resurgence of Bitcoin app layers and ordinal-powered side projects.

Aurora Labs’ Greenland acquisition

Aurora Labs CEO Alex Shevchenko announced that the company would acquire the entire island of Greenland to protect humanity’s access to the Aurora Borealis.

The post leaned heavily into climate-conscious rhetoric, pledging to eliminate skyscrapers and restore clear skies so everyone could enjoy “the magic of the night sky.”

A map of a newly branded “Auroraland” sealed the deal. It was a playful exaggeration of current trends in real-world asset tokenization and eco-aligned branding, but the tone made it feel like a genuine press release, at least at first glance.

SBF – live from prison

The Bitcoin Conference posted an image of Sam Bankman-Fried’s inmate listing next to a promo banner announcing a “live from prison” keynote.

The session was titled: “Healing from the Pain Shitcoins Caused Me,” with the tagline:

“He’s not out, but he’s still booked.”

The Bitcoin Conference posted an image of Sam Bankman-Fried’s inmate listing next to a promo banner announcing a “live from prison” keynote. The session was titled: “Healing from the Pain Shitcoins Caused Me,” with the tagline: “He’s not out, but he’s still booked.”

It acknowledged one of the most impactful chapters in crypto history while using satire to distance the current moment from the excesses of the last cycle.

Gemini shares inflation chart

Rather than staging an elaborate hoax, Gemini posted a direct jab at fiat currency. A meme graphic showed that the US dollar had lost 96% of its purchasing power since 1913, no punchline needed.

The caption read:

“April Fools? The real joke is the system.”

It was a sharp, serious message wrapped in a casual format, drawing attention to Bitcoin’s monetary thesis while still fitting the day’s theme. Sometimes, the most effective joke is just a well-timed reminder of why this industry exists.

Ignas warns of ALL CAPS exploit

DeFi analyst Ignas claimed he had clicked a malicious link on X that locked his posts in permanent caps lock. He wrote:

“MY WALLETS ARE SAFE AND EXPLOIT SEEMS LIMITED TO X.”

He also warned followers not to engage with the tweet or risk the same fate.

The humor came from its familiarity, a parody of the kind of real-time phishing alerts that regularly flood crypto feeds. It was light, self-deprecating, and instantly recognizable to anyone who’s ever triple-checked a suspicious link.

Mentioned in this article

The fallout became faster and more intense, with critics piling up and reports of SBF being thrown into solitary confinement as punishment. Now the question swirls around his motivations, timing and the chaos left in his keen.

Secret Interviews Cause Sam Bank Manfried Ripples

The interview with Carlson and Bankmanfried reportedly took place without approval from the US Bureau of Prisons (BOP), which has strict protocols for interaction with prisoners. According to New York Times reportSBF could have connected with Carlson using a smuggled smartphone for an interview. If true, this prison rule violation locked him in solitary cell and landed.

The approximately 40-minute interview explored topics ranging from Bankmanfried’s prison life to his ongoing legal dilemmas. Known for controversy, Carlson framed a conversation about the SBF’s potential quest for presidential pardons.

Sam Bankman Fried says Diddy was “kind” to him in prison as he lives in the same cell.

to follow: @afpost pic.twitter.com/dc8tipopppx

– Post (@afpost) March 6, 2025

Amidst the harsh walls of Brooklyn’s Metropolitan Detention Center, Sam Bank Manfried provided a snapshot of life behind the bar. He called it “soul-breaking,” but acknowledged the prisoner’s unexpected kindness, including a surprising reference to Sean’s “diddy” comb. SBF shared space with the cast of white-collar con artists and hardened former gangsters, pointing out the strange habits of prison life.

Looking back at his downfall, the SBF argued that his $15 billion fortune could have been theoretically paid if his investors were not involved in bankruptcy.

“In theory, the answer should have been, yes, there should have been enough money to kindly repay everyone. But that’s not how things worked,” SBF explained in an interview.

Fardon Gambit by Sam Bankman-Fride

Critics argue that interviews are less about currying beneficiaries with the Trump administration, rather than about sharing prison insights. Sam Bankman Fleet’s efforts to secure a pardon from President Donald Trump raised eyebrows, especially given his relationship with well-known Democrats beforehand.

In an interview, the SBF admitted that in late 2022 he made a personal donation to Republicans, as well as Democrats, subtly hinting at bipartisan political ties. Carlson leaned on this subject and suggests that it is natural for wealthy donors to expect political benefits, but the SBF called such expectations “inappropriate” and resisted bait.

Just: Michael Saylor appeared on the cover of Forbes.

Like Elizabeth Holmes, CZ, and SBF before him. Forbes is basically a media outlet Jim Kramer! pic.twitter.com/gws3czygi6

– Jacob King (@jacobkinge) January 30, 2025

As expected, Carlson couldn’t resist steering the conversation towards crypto regulations. When asked about the state of the crypto industry, the SBF criticized federal financial regulators and called them “large and blockaged bureaucrats.” He expressed his hope that leadership change may lead to a more favorable regulatory environment in the crypto space.

Could SBF be free in 2025?

The Sam Bankman Fried Interview 2025 sparked a heated debate on the role of media ethics, prison rules, and political influence in legal issues. While SBF’s strategic motivations seem obvious, fallout from his unapproved interview may further complicate his legal battle.

Ultimately, it remains to be seen whether the gambling calculated to ensure pardon will be successful by the SBF. For now, his story serves as a warning tale about how far political influence and despair can be separated by a prominent crime.

Exploration: XRP Price Jumps 11% after SEC Crypto Unit XRP ETF Progress

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Post gives a glimpse into Sambankman Free Dried Life In Prison: Who Does SBF share the cell with? It first appeared in 99 Bitcoin.

Former FTX CEO Sam “SBF” Bankman-Fried has reportedly been sent to solitary confinement after taking part in an interview with right-wing political commentator Tucker Carlson, which was not approved by prison authorities.

“This particular interview was not approved,” a representative for the US Bureau of Prisons told The New York Times on March 7.

Bankman-Fried did not receive permission to take interview

According to a person briefed on the situation, after Bankman-Fried’s interview with Carlson was published, he was sent to solitary confinement at Brooklyn’s Metropolitan Detention Center, where he has been held since August 2023. 

The Bureau of Prisons is said to have strict rules on who can communicate with inmates and how they can do so.

The interview, published on Carlson’s YouTube channel on March 6, has already garnered 730,425 views at the time of publication.

During the interview with Carlson, Bankman-Fried talked about prison life since his sentencing and his thoughts on crypto regulation in the US.

Bankman-Fried told Carlson he didn’t think he was “a criminal.”

Bankman-Fried continues appeal battle

While Carlson didn’t directly ask Bankman-Fried if he expected a pardon from US President Donald Trump, he appeared receptive to some Republican ideas during the interview.

However, since the interview aired, speculation has grown within the community about a possible Trump pardon.

According to a March 7 X post from crypto predictions platform Polymarket, “the odds of an SBF pardon have nearly doubled,” since the interview was published.

Related: SBF always played both sides of the aisle despite new Republican plea

On Jan. 21, just a day after taking office, Trump gave a full pardon to Ross Ulbricht, who had been in prison for 12 years for founding the defunct darknet marketplace the Silk Road.

Meanwhile, in September 2024, lawyers representing Bankman-Fried filed an appeal for his seven felony counts and 25-year prison sentence.

In the 102-page brief, the lawyers claimed that the former FTX CEO was “never presumed innocent,” subject to scrutiny that allegedly affected prosecutors, the presiding judge, and treatment by the media.

Magazine: Meet lawyer Max Burwick — ‘The ambulance chaser of crypto’

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