Florida Court Reopens $80M Binance Lawsuit Over Bitcoin Theft

A Florida appeals court revived an $80M lawsuit against Binance over a 2022 Bitcoin theft, ruling the exchange has enough ties to Florida for the case to proceed. The decision could set a precedent for suing offshore crypto exchanges.

A Florida appeals court has revived an $80 million lawsuit against Binance over a major Bitcoin theft, allowing the case to proceed at the state level. The plaintiff, Michael Osterer, alleges that hackers stole approximately 1,000 BTC from his account in 2022 and laundered the funds through Binance. Osterer claims Binance was negligent and breached its contract by failing to freeze the stolen assets promptly after being notified. The court found that Binance’s use of U.S.-based infrastructure and affiliates established sufficient ties to Florida, overturning a previous dismissal for lack of jurisdiction. The ruling also suggests that California law could apply, challenging the notion that offshore crypto exchanges are immune from local lawsuits. This decision could set a precedent for similar cases, making it easier for plaintiffs to pursue legal action against foreign-based exchanges in U.S. courts. The case will now return to trial court for further proceedings, where issues of negligence, contract breach, and asset recovery will be addressed.