Binance Dismissed From ‘Pig Butchering’ Crypto Lawsuit

The major cryptocurrency exchange Binance was recently cleared of any wrongdoing in a case involving a “pig butchering” scam on the dating app Tinder which included the theft of funds.

Based on the facts presented, US District Judge Amos Mazzant dismissed the case against Binance Holdings Ltd. on May 22, according to Bloomberg.

A Tinder-meeting Texan lady filed suit after claiming she lost $8 million due to the man’s deception. This story of Divya Gadasalli, a Texan lady who fell for a scam on the dating app Tinder, was recently brought to light by the rejection of a lawsuit against Binance.

Binance and the Poloniex exchange, as well as TD Bank and Abacus Federal Savings Bank, were named in the March 2022 complaint. In his injunction request, Gadasalli first accused Binance of aiding and abetting the fraudster by providing the scammer with exchange services.

A guy using the Tinder username “Jerry Bulasa” offended the plaintiff, who filed suit against him. Gadasalli fell for the lure of both love and wealth, only to suffer tragic setbacks.

Bulasa uses a classic manipulation strategy called “pig butchering” to achieve her goals. The con artist will spend a great deal of time and energy developing a false identity for the sake of this plan.

This elaborate ruse is designed to trick the victim into sending money, which the con artist will then use to steal from them.

More and more government agencies throughout the globe are warning the public about the risks of falling for the pig butchering hoax. Over $429 million was lost in 2021, as reported by over 4,300 victims to the FBI’s Internet Crime Complaint Centre. This staggering number demonstrates the gravity of the situation.

Also Read: Defendants In An $18 Million Fraud Complaint Claim The SEC Has No Jurisdiction Over Crypto