Binance Not Liable for $8 Million Crypto Scam on Woman

Binance Not Liable for $8 Million Crypto Scam on Woman


A US District Judge rules that Binance is not liable for the $8 million loss incurred by a Texan woman in a pig butchering scheme, dismissing the lawsuit brought forward by the woman who claimed that Binance aided the scammer steal the money on Tinder.

A United States District Judge, Amos Mazzant, has ruled that Binance Crypto exchange, the world’s largest digital currency exchange by client count, is not liable for the loss incurred by a Texan woman named Divya Gadasalli who lost $8 Million in a pig butchering scheme.

Binance Crypto exchange Is Not Liable

In a ruling on May 22, Judge Amos dismissed the lawsuit that Gadasalli had brought forward in which she argued that Binance Crypto exchange aided the scammer steal $8 Million in a scheme hatched on Tinder, a dating app.

Binance Crypto exchange filed for the case to be dismissed at the  United States Easter District Court of Texas, saying the plaintiff had failed to state a claim. Furthermore, Binance Crypto exchange lawyers say there was a lack of personal jurisdiction and this request was created in June 2022.

READ NOW
Sui Plummets 15% Amid Crypto Sell-Off

The ruling on May 22, Judge Amos stated, complied with Federal regulations that must have a court to dismiss a claim should there be no personal jurisdiction over the defendant, in this case, Binance. 

In law, personal jurisdiction empowers the court to hear a case, regardless of the subject matter. And afterward, they can cause a ruling. 

Regardless of Binance’s position that there is no personal jurisdiction, Gadasalli’s lawyers wanted the court to investigate the relationship betwixt Binance Crypto exchange and Binance Crypto exchange US.

Court filings show that Gadasalli had been scammed off $8 Million after being “promised romance and financial prosperity” in a pig butchering scam.

In a pig butchering scam, the victim engages in a well-orchestrated fraud where romance is used as bait for active financing in non-existent digital currency schemes. Court data shows that the fraudulent scheme was devised by 3 defendants, Jerry Bulasa, Dong Lian, and Danyun Lin.

READ NOW
Beijing Governments $14.1m Plan for Web3 Innovation: A Breakdown in Four Layers

Gadasalli met Bulasa on Tinder and believed she had struck a romantic connection. Sooner or  thereafter, the victim ended up “investing in the direction of Bulasa,” whom she thought was a “successful digital currency investor.”

Bulasa thereafter notified Gadasalli that their cryptocurrency financing stood at $10 Million, but she couldn’t withdraw any assets. This frustration and realization that she was down $8 Million made her file a lawsuit against Bulasa and Binance.

Lawsuits And Investigations, BNB Firm

Binance Crypto exchange has been a target of United States regulatory authorities over recent months. In March, the  United States Commodity Futures Trading Commission (CFTC) sued the exchange for allegedly operating a derivatives trading platform without registration, violating existing trading laws. 

READ NOW
Bitcoin.coms VERSE Token Makes Waves with Kucoin Listing and $40k Prize Pool

In the meantime, the Securities and Exchange Commission (SEC) is reportedly investigating whether the exchange violates securities law. The Internal Revenue Service (IRS) is likewise investigating possible tax evasion claims.

Still, BNB, the native currency of the Binance Crypto exchange ecological system, is steady when writing. Despite the fact that it is under pressure, the coin is trading over $300 and positive  tendency, aligning with profits from March 2023. And BNB is as of now up 15 percent from March 2023 lows.


Source

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend