TechFlow, August 6 — According to Bloomberg, former Binance CEO Changpeng Zhao (CZ) has filed a motion in Delaware bankruptcy court to dismiss a lawsuit by the FTX Trust seeking approximately $1.76 billion in damages.
The lawsuit relates to a 2021 share buyback transaction, which FTX alleges involved customer funds and claims that Zhao and other Binance executives received improper gains. Zhao argues he is based in the UAE and therefore not subject to jurisdiction in Delaware, and that he was merely a "nominal counterparty" in the transaction. He contends it is unreasonable for FTX to attribute Bankman-Fried's actions to Binance. Binance also stated the allegations are baseless and will be actively contested.
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