Binance, the world’s largest cryptocurrency exchange by trading volume, is being sued by a group of investors for “unfairly” preventing them from withdrawing their money after the hack of the platform in May.
The class action lAWSuit, filed in the Superior Court of California on June 22, accuses Binance of breach of contract, negligence, and unfair business practices. The plaintiffs are seeking unspecified damages and restitution.
The lAWSuit comes after Binance suffered a major security breach in which hackers stole 7,000 Bitcoin (worth about $40 million at the time). Following the hack, Binance implemented a “SAFU” fund to reimburse users who lost funds in the attack.
NOTE: WARNING: Binance is currently being sued in the United States for alleged involvement in a $100 million money laundering scheme. If you are using or considering using Binance for cryptocurrency transactions, please be aware that there are significant risks associated with such use. Please do your own research and be sure to understand the possible legal implications before engaging in any digital asset transactions.
However, the plaintiffs allege that Binance has “failed to adequately compensate” them for their losses and has “unfairly” prevented them from withdrawing their money.
The plaintiffs also allege that Binance has been “unjustly enriched” by the hack as it has used the SAFU fund to cover its own losses and has not reimbursed users who have lost funds.
In conclusion, the lAWSuit against Binance is based on the fact that investors have not been able to withdraw their money after the hack of the platform in May. The class action lAWSuit is seeking unspecified damages and restitution from Binance.
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Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has suspended trading on its platform. The move comes after a “large scale security breach” that resulted in the loss of 7,000 BTC, worth around $40 million at current prices. In a blog post, Binance said it discovered the breach on May 7 and that hackers had used a variety of techniques, including phishing, viruses and other attacks, to gain access to user accounts.
Binance US is a digital asset exchange that was launched in 2019. The exchange is operated by Binance Limited, a company registered in the Cayman Islands. Binance US is available to residents of the United States and its territories.
