Florida appeals court reopens $80 million Bitcoin theft case

A Florida appeals court overturned a previous dismissal, allowing a man who lost $80 million in Bitcoin to sue Binance in the state.

According to Bloomberg, the judge found that Binance’s digital presence and business activities in Florida justified its jurisdiction, despite being a company registered outside the United States.

According to the plaintiff “Johnny Chen”, he encountered fraud in 2022, which resulted in the withdrawal of 1,000 Bitcoins from his account. He immediately notified Binance and requested to freeze the assets, but according to him, the platform did not act quickly enough.

Although the first-instance court dismissed the lawsuit for lack of jurisdiction, the appeal gave Chen a new opportunity to make a case for suing Binance.

The case is reminiscent of a series of lawsuits against major platforms such as BitMEX, KuCoin and Bitfinex/Tether, which have previously tried to challenge the jurisdiction of U.S. courts based on their overseas registration, but some of these cases have continued and ended in settlements.

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