Accused of facilitating an $8 million crypto scam in a Texas court, Binance is breathing easy after the verdict. A judge ruled that Binance was not liable for the loss of $8 million, sent by Divya Gadasalli to a scammer she met on Tinder via the platform.
Binance acquitted in $8 million crypto scam
In the United States, times are tough for crypto exchanges. Faced with regulations and user claims, Binance, already sued by the Commodity Futures Trading Commission (CFTC), is also facing its client Divya Gadasalli.
The Texas woman filed a complaint against Binance in March 2022, accusing it of facilitating a cryptocurrency scam. She claims she lost $8 million on Binance, sent to Jerry Bulasa she met on Tinder, who promised her high returns.
Is Binance really at fault? No, according to US District Judge Amos Mazzant. On May 22, the court ruled that there was no evidence that Binance encouraged the scam.
Pig Butchering, a common crypto scam
The case is a reminder of the crucial need for caution for crypto investors. The scam Gadasalli fell victim to, called Pig Butchering, is unfortunately common. It involves a scammer who spends weeks or even months gaining a victim’s trust before disappearing after an investment.
This lawsuit is a relief for Binance, which is going through a difficult time in several countries. Moreover, it could not be otherwise as it was the plaintiff who sent the money to the scammer of her own free will…
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.