Binance Founder CZ Asks Court to Dismiss $1.76B Clawback Lawsuit Filed by FTX
Main Idea
Binance founder Changpeng 'CZ' Zhao has filed a motion to dismiss a $1.76 billion clawback lawsuit by FTX, arguing jurisdictional issues and lack of legal foundation.
Key Points
1. CZ claims he is a resident of the UAE and disputes Delaware's jurisdiction over the lawsuit.
2. FTX alleges that $1.76 billion was 'improperly transferred' by Sam Bankman-Fried and seeks recovery from Binance and CZ.
3. CZ's motion argues that FTX's claims are legally unfounded and attempts to shift blame away from Bankman-Fried.
4. This is not the first attempt by Binance to dismiss the lawsuit; a similar motion was filed in May.
5. CZ previously served a four-month prison sentence for US anti-money laundering violations, while Bankman-Fried is serving a 25-year sentence.
Description
Ex-Binance CEO Changpeng “CZ” Zhao has asked a bankruptcy court to dismiss him from a $1.76 billion clawback suit filed by the FTX trust. The now-bankrupt FTX claims that the funds were “improperly transferred” by Sam Bankman-Fried. According to Bloomberg Law , CZ claimed that he’s a resident of the United Arab Emirates and that the FTX trust can’t claim it is within Delaware’s jurisdiction. “The complaint does not establish general jurisdiction because it does not allege that Mr. Zhao is ‘at ho...
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