Deep Tide TechFlow News, on August 6, according to Bloomberg, former Binance CEO Zhao Changpeng (CZ) has filed a motion to dismiss the approximately $1.76 billion clawback lawsuit initiated by the FTX trust in the Delaware bankruptcy court.

The lawsuit involves a share buyback transaction from 2021, in which FTX accused the use of customer funds, claiming that Zhao Changpeng and other Binance executives received improper gains. Zhao Changpeng argued that he resides in the UAE, is not subject to the jurisdiction of the Delaware court, and that he was merely the "nominal counterparty" in the transaction; thus, it is unreasonable for FTX to attribute Bankman-Fried's actions to Binance. Binance also stated that the allegations lack merit and that they will respond vigorously.