What’s happening?

Binance co-founder Changpeng Zhao (CZ) has filed a motion to dismiss the $1.8B lawsuit brought against him by the #FTX bankruptcy trust.

Key Arguments:

🔹 #CZ is a UAE resident, and therefore not under the jurisdiction of the U.S. Bankruptcy Court.

🔹 The transactions in question involved offshore entities (Ireland, Cayman Islands, BVI), making them outside U.S. legal reach.

🔹 CZ’s legal team argues the claims lack extraterritorial application.

Why it matters:

🔹 If the court accepts the motion, CZ could avoid a massive legal battle over alleged fraudulent transfers linked to FTX’s collapse. This could also set a precedent for other offshore crypto cases.

Source: Bloomberg Law

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