Binance’s Founder Changpeng Zhao Moves to Dismiss $1.8 Billion FTX Lawsuit

Changpeng Zhao, the founder and former CEO of Binance, has officially filed a motion seeking the dismissal of a lawsuit brought against him by the bankrupt FTX. FTX alleges that Zhao participated in a scheme to inflate and then dump its native digital asset, FTT, resulting in significant financial damages for the company. Zhao argues that these allegations are unfounded and that FTX is attempting to deflect blame for its mismanagement of funds onto external parties. Zhao’s legal team contends that the lawsuit lacks concrete evidence supporting the claims of market manipulation and fraud. Furthermore, Zhao is challenging the jurisdiction of the court in Delaware, where the lawsuit was filed, asserting that his connection to FTX was limited. This case is part of a series of legal actions initiated by FTX in an attempt to recover funds lost prior to its dramatic collapse in 2022. The outcome of this motion will be crucial in determining whether the lawsuit against Zhao will proceed.