Binance Founder Makes Bold Move in $1.76 Billion Legal Battle

Main Idea
Binance founder Changpeng Zhao has requested the dismissal of a $1.76 billion lawsuit filed by the FTX bankruptcy estate, arguing he is not subject to the jurisdiction of the Delaware court due to his residence in the UAE.
Key Points
1. Changpeng Zhao, founder of Binance, is challenging a $1.76 billion repayment lawsuit filed by the FTX bankruptcy estate.
2. Zhao argues that as a resident of the UAE, he is not under the jurisdiction of the Delaware court.
3. The lawsuit stems from a 2021 share buyback agreement where FTX alleges Binance unlawfully seized funds.
4. FTX claims Binance acquired cryptocurrency under a payment package to repurchase shares of its global and U.S. operations.
5. Zhao's defense contends that U.S. bankruptcy laws should not apply to foreign activities.
Description
Zhao challenges Delaware court's jurisdiction in a $1.76 billion lawsuit. FTX claims Binance seized $1.76 billion unlawfully during a share buyback. Continue Reading: Binance Founder Makes Bold Move in $1.76 Billion Legal Battle The post Binance Founder Makes Bold Move in $1.76 Billion Legal Battle appeared first on COINTURK NEWS .
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