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