Binance founder Changpeng Zhao (CZ) has officially challenged the staggering $1.8 billion claim made against him in the ongoing FTX bankruptcy case. The claim, brought forward by FTX’s legal team, alleges that Binance played a damaging role in the collapse of the now-defunct exchange. But CZ isn’t staying silent. He’s fighting back. 🔁🧑⚖️
CZ’s legal representatives have filed objections, calling the claim "baseless and inflated", arguing that Binance's actions were in line with market norms. According to CZ’s team, Binance merely made a public announcement to liquidate its FTT holdings, and what followed was due to FTX’s own financial mismanagement. 📉💼
FTX, once one of Binance’s biggest competitors, imploded in late 2022 after serious allegations of misused customer funds and massive holes in their balance sheet. Now, as the legal cleanup continues, FTX’s lawyers are attempting to claw back billions of dollars from various entities—including Binance. 💰⚠️
This $1.8 billion dispute has reignited discussions around the rivalry between CZ and FTX’s former CEO, Sam Bankman-Fried (SBF). Many in the crypto community remember CZ’s tweet that triggered the FTT selloff as the beginning of FTX’s end. But CZ maintains he had no malicious intent, emphasizing that transparency and risk management were his priorities. 🔍🔒
As the case develops, crypto investors and market watchers are closely monitoring what this means for Binance’s future, and whether CZ’s stance will affect ongoing regulatory scrutiny. One thing’s for sure—the battle between two of the crypto world’s most powerful figures is far from over. ⚔️🌐
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