Florida Appeals Court Revives $80 Million Lawsuit Against Binance

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A Florida appeals court has reinstated a major lawsuit against cryptocurrency exchange Binance. The Third District Court of Appeal has ruled that a case alleging Binance failed to freeze and recover stolen Bitcoin deserves further judicial review.

The lawsuit, which seeks $80 million, centers on the alleged theft of roughly 1,000 Bitcoin from a user in 2022. The plaintiff argues that Binance did not act to secure the stolen assets after hackers converted and withdrew them from an account on its platform.

The ruling overturns a lower court’s decision to dismiss the case due to a lack of personal jurisdiction. The appeals court found that Binance’s connections to Florida, including its US-facing affiliates and its use of US-based infrastructure, were sufficient to allow the lawsuit to proceed in Miami-Dade County courts.

The plaintiff, identified as Michael Osterer, will now have the opportunity to argue his case in state court. He claims hackers drained his wallet and that Binance could have intervened to prevent the stolen funds from being withdrawn from its exchange.