{"id":534575,"date":"2023-05-23T09:30:45","date_gmt":"2023-05-23T09:30:45","guid":{"rendered":"https:\/\/wncen.com\/?p=534575"},"modified":"2023-05-23T08:01:27","modified_gmt":"2023-05-23T08:01:27","slug":"woman-losses-8-million-binance-not-liable-bnb-flat","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/woman-losses-8-million-binance-not-liable-bnb-flat\/","title":{"rendered":"Woman Loses $8 Million In Crypto Scam, But Court Says Binance Is Not Liable"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">A United States District Judge, Amos Mazzant, has\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/assets.bwbx.io\/documents\/users\/iqjWHBFdfxIU\/rvg8sVwxegEU\/v0\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">ruled<\/span><\/a><span data-preserver-spaces=\"true\"> that Binance, the world&#8217;s largest cryptocurrency 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.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Binance Is Not Liable<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In a ruling on May 22, Judge Amos dismissed the lawsuit that Gadasalli had brought forward in which she claimed that Binance aided the scammer steal $8 million in a scheme hatched on Tinder, a dating app.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Binance 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. Moreover, Binance lawyers say there was a lack of personal jurisdiction and this request was made in June 2022.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/ripple-cto-labels-ben-coin-as-scam-bitboy-reacts\/\">Ripple CTO Labels BEN Coin As Scam, Bitboy Reacts<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The ruling on May 22, Judge Amos said, complied with Federal rules that require a court to dismiss a claim should there be no personal jurisdiction over the defendant, in this case, Binance.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In law, personal jurisdiction empowers the court to hear a case, regardless of the subject matter. And afterward, they can make a ruling.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Despite Binance&#8217;s position that there is no personal jurisdiction, Gadasalli&#8217;s lawyers wanted the court to investigate the relationship between Binance and Binance US.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Court filings show that Gadasalli had been scammed off $8 million after being &#8220;promised romance and financial prosperity&#8221; in a pig butchering scam.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a pig butchering scam, the victim engages in a well-orchestrated fraud where romance is used as bait for active investment in non-existent cryptocurrency schemes. Court data shows that the fraudulent scheme was devised by three defendants, Jerry Bulasa, Dong Lian, and Danyun Lin.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Gadasalli met Bulasa on Tinder and believed she had struck a romantic connection. Eventually, the victim ended up &#8220;investing in the direction of Bulasa,&#8221; whom she thought was a &#8220;successful cryptocurrency investor.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bulasa later informed Gadasalli that their crypto investment stood at $10 million, but she couldn&#8217;t withdraw any assets. This frustration and realization that she was down $8 million made her file a lawsuit against Bulasa and Binance.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Lawsuits And Investigations, BNB Firm<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Binance has been a target of United States regulators in recent months. <\/span><span data-preserver-spaces=\"true\">In March, the United States Commodity Futures Trading Commission (CFTC) <a href=\"https:\/\/wncen.com\/news\/binance-coin-bnb-sees-slight-recovery-after-brief-fall-amid-cftc-lawsuit\/\" target=\"_blank\" rel=\"noopener \">sued<\/a> the exchange for allegedly operating a derivatives trading platform without registration, violating existing trading laws.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/uniswap\/uniswap-founder-says-banks-are-massive-scams\/\">Uniswap Founder Says Banks Are Massive Scams<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Meanwhile, the Securities and Exchange Commission (SEC) is reportedly investigating whether the exchange violates securities law. The Internal Revenue Service (IRS) is also investigating possible tax evasion claims.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Still, BNB, the native currency of the Binance ecosystem, is steady when writing. Although it is under pressure, the coin is trading above $300 and bullish, aligning with gains from March 2023. And BNB is currently up 15% from March 2023 lows.<\/span><\/p>\n<figure style=\"width: 1225px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/6SQLbpPm\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/6SQLbpPm\/\" alt=\"BNB Price On May 23| Source: BNBUSDT On Binance, TradingView\" width=\"1225\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">BNB Price On May 23 | Source: <a href=\"https:\/\/www.tradingview.com\/x\/6SQLbpPm\/\" target=\"_blank\" rel=\"noopener nofollow\">BNBUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Feature Image From Canva, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A United States District Judge, Amos Mazzant, has\u00a0ruled that Binance, the world&#8217;s largest cryptocurrency 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 Is Not Liable In a ruling on May 22, Judge Amos dismissed the lawsuit that Gadasalli had brought forward in which she claimed that Binance aided the scammer steal $8 million in a scheme hatched on Tinder, a dating app. Binance 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. Moreover, Binance lawyers say there was a lack of personal jurisdiction and this request was made in June 2022. Related Reading: Ripple CTO Labels BEN Coin As Scam, Bitboy Reacts The ruling on May 22, Judge Amos said, complied with Federal rules that require a court to dismiss a claim should there be no personal jurisdiction over the defendant, in this case, Binance.\u00a0 In law, personal jurisdiction empowers the court to hear a case, regardless of the subject matter. And afterward, they can make a ruling.\u00a0 Despite Binance&#8217;s position that there is no personal jurisdiction, Gadasalli&#8217;s lawyers wanted the court to investigate the relationship between Binance and Binance US. Court filings show that Gadasalli had been scammed off $8 million after being &#8220;promised romance and financial prosperity&#8221; 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 investment in non-existent cryptocurrency schemes. Court data shows that the fraudulent scheme was devised by three defendants, Jerry Bulasa, Dong Lian, and Danyun Lin. Gadasalli met Bulasa on Tinder and believed she had struck a romantic connection. Eventually, the victim ended up &#8220;investing in the direction of Bulasa,&#8221; whom she thought was a &#8220;successful cryptocurrency investor.&#8221; Bulasa later informed Gadasalli that their crypto investment stood at $10 million, but she couldn&#8217;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 has been a target of United States regulators in 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.\u00a0 Related Reading: Uniswap Founder Says Banks Are Massive Scams Meanwhile, the Securities and Exchange Commission (SEC) is reportedly investigating whether the exchange violates securities law. The Internal Revenue Service (IRS) is also investigating possible tax evasion claims. Still, BNB, the native currency of the Binance ecosystem, is steady when writing. Although it is under pressure, the coin is trading above $300 and bullish, aligning with gains from March 2023. And BNB is currently up 15% from March 2023 lows. Feature Image From Canva, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":534576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,11427,88326,3776,88325],"class_list":["post-534575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bnb","tag-pig-butchering-scam","tag-scam","tag-tinder"],"acf":[],"yoast_head":"\n<title>Woman Loses $8 Million In Crypto Scam, But Court Says Binance Is Not Liable<\/title>\n<meta name=\"description\" content=\"Binance is not liable in a pig butchering scam that saw a Texan woman lose over $8 million. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Woman Loses $8 Million In Crypto Scam, But Court Says Binance Is Not Liable","url":"http:\/\/wncen.com\/news\/woman-losses-8-million-binance-not-liable-bnb-flat\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/woman-losses-8-million-binance-not-liable-bnb-flat\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Binance-Court.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Binance-Court.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bnb","pig butchering scam","scam","tinder"],"dateCreated":"2023-05-23T09:30:45Z","datePublished":"2023-05-23T09:30:45Z","dateModified":"2023-05-23T09:30:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Woman Loses $8 Million In Crypto Scam, But Court Says Binance Is Not Liable\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/woman-losses-8-million-binance-not-liable-bnb-flat\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/woman-losses-8-million-binance-not-liable-bnb-flat\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/Binance-Court.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/Binance-Court.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bnb\",\"pig butchering scam\",\"scam\",\"tinder\"],\"dateCreated\":\"2023-05-23T09:30:45Z\",\"datePublished\":\"2023-05-23T09:30:45Z\",\"dateModified\":\"2023-05-23T09:30:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/Binance-Court.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/534575"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=534575"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/534575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/534576"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=534575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=534575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=534575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}