Binance Founder Changpeng Zhao Files Motion to Dismiss $1.8B FTX Lawsuit

Key Points

1. The lawsuit seeks to recover $1.76 billion from a 2021 equity buyback deal where FTX repurchased a 20% stake from Binance using FTT tokens and Binance-branded assets.

2. Zhao claims he was improperly served and lacks sufficient ties to Delaware to be subject to its jurisdiction.

3. Zhao's legal team argues he was merely a 'nominal signatory' in the transaction and did not directly receive the disputed funds.

4. The lawsuit alleges that Sam Bankman-Fried misused FTX customer funds to finance the buyback, contributing to FTX's collapse in 2022.

5. Zhao previously served a four-month sentence and settled with U.S. regulators for $4.3 billion, stepping down as Binance CEO as part of the agreement.