Changpeng Zhao Seeks Dismissal of FTX Lawsuit, Argues U.S. Law Lacks Jurisdiction Over Offshore Transactions
Main Idea
Changpeng Zhao seeks dismissal of a $1.7 billion FTX lawsuit, arguing that U.S. law does not apply to offshore transactions involving Binance entities outside the U.S.
Key Points
1. Changpeng Zhao contends that the transactions in question occurred outside U.S. borders, specifically involving Binance entities in Ireland and the Cayman Islands.
2. Zhao's legal team argues that U.S. bankruptcy law lacks jurisdiction over these offshore transactions.
3. The lawsuit is part of an attempt to link Zhao to FTX's issues, but Zhao describes Binance's relationship with FTX as short-lived and transactional.
4. If successful, Zhao's defense could set a precedent regarding how offshore crypto dealings are regulated under U.S. law.
Description
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