Wide-Ranging $150M Suit Hits Crypto Derivatives Exchange

Law360 (November 4, 2019, 4:35 PM EST) -- The cryptocurrency derivatives platform FTX was hit with a $150 million lawsuit over the weekend that accuses it of market manipulation, racketeering and a host of allegedly fraudulent behavior.

Filed by a mysterious entity known as Bitcoin Manipulation Abatement LLC in California federal court, the suit accuses FTX, its incubator Alameda Research LLC, the companies' shared CEO and multiple employees of having been caught "red-handed" while trying to carry out two unsuccessful attempts in September to manipulate the prices of bitcoin futures on the exchange Binance.

"Both times, defendants, and each of them, were caught by Binance's market surveillance functionality and...

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