Binance founder Changpeng "CZ" Zhao has filed a motion to dismiss a $1.8 billion lawsuit brought by the FTX bankruptcy estate. Filed in Delaware, the lawsuit seeks to recover funds from a 2021 Binance-FTX share buyback deal allegedly funded with misappropriated customer assets. CZ’s legal team argues the U.S. court lacks jurisdiction, as Zhao resides in the UAE and the transaction occurred through offshore entities. They claim the allegations are legally baseless and factually flawed. If granted, the dismissal could limit Zhao’s liability and set a precedent for cross-border crypto litigation involving offshore entities and executives.
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