CZ Challenges Delaware Court’s Jurisdiction in $1.76 Billion FTX Lawsuit Over 2021 Crypto Transfers
Main Idea
Changpeng Zhao, founder of Binance, is challenging a $1.76 billion lawsuit from the FTX bankruptcy estate, arguing that the Delaware court lacks jurisdiction over him due to improper service and his non-U.S. residency.
Key Points
1. Zhao claims the Delaware court lacks jurisdiction over him as a non-U.S. national residing in the United Arab Emirates.
2. The lawsuit seeks to recover assets from a 2021 equity repurchase deal involving FTX.
3. Zhao argues he was improperly served, which challenges the validity of the lawsuit.
4. The outcome could impact Binance's operations and reputation.
5. Zhao contends the claims are legally unfounded and that he has no ties to Delaware.
Description
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