đ¨ Binance Founder CZ Fights Back Against $1.76 Billion FTX Lawsuit!
Big drama in the crypto world again! đĽ
Changpeng Zhao (CZ) â founder of Binance â is pushing back hard against a huge $1.76 billion lawsuit filed by FTX, saying:
đ§ââď¸ âThe US court has no power over me!â
đź Whatâs the Case About?
FTX, which collapsed in 2022, is now trying to get money back from people and companies it dealt with before going bankrupt. They claim Binance made improper profits during the time it held shares in FTX.
According to FTX, CZâs Binance got a large amount of FTT tokens and other assets, and the way that happened wasnât legal.
đ CZâs Main Points:
⢠He lives in the UAE, not the US, so the Delaware court canât judge him.
⢠Most transactions happened outside the US â so US laws donât apply.
⢠Binance legally returned its FTX shares and got crypto in return â which CZ says was fair.
⢠He says FTXâs founder SBF caused the collapse, and he shouldnât be blamed for it.
đ CZ vs. SBF: The Backstory
At first, Binance invested in FTX. But later, they split. Things got ugly when FTX collapsed, and both sides accused each other of shady behavior. FTX says Binance acted in bad faith â CZ says these claims are false and political.
âď¸ What Happens Now?
The court will decide if CZ can even be sued in the US.
If not, the case could be dropped.
If yes, CZ might be facing a long legal fight.
đ Latest News:
⢠CZ: Served 4 months in US prison for breaking money rules â now released.
⢠SBF: Serving 25 years for fraud.
