Binance Founder Makes Bold Move in $1.76 Billion Legal Battle

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.