Binance founder Changpeng Zhao seeks dismissal from $1.8B FTX lawsuit
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Changpeng Zhao has asked to dismiss a lawsuit from FTX seeking to recover $1.8 billion the bankrupt crypto exchange said it used in a share repurchase deal.
Former Binance CEO Changpeng Zhao has asked the court to dismiss a lawsuit by FTX that seeks to recover nearly $1.8 billion from a deal between Binance and FTX, which the defunct exchange claims was fraudulently transferred.
Zhao told a Delaware bankruptcy court that the suit looks to “nonsensically blame” him for the actions of Sam Bankman-Fried, FTX’s founder, who was jailed for 25 years after a high-profile fraud trial.
Zhao, a resident of the United Arab Emirates, argued that the suit’s claims “are so far removed” from the US that “the statutes at issue, which lack extraterritorial application, do not even apply.”
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