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Changpeng Zhao (CZ) has filed a motion to dismiss a $1.76 billion lawsuit from the FTX bankruptcy trust, arguing the U.S. court lacks jurisdiction as he resides in the UAE. The lawsuit alleges wrongful fund transfers tied to binance/?utm_source=CVJ.Ai&utm_medium=glossary&utm_id=CVJ.AI" target="_blank">Binance’s 2021 equity sale in FTX. CZ’s legal team claims the transactions fall outside U.S. legal reach.
- CZ argues U.S. courts lack jurisdiction as he resides in the UAE and the disputed transactions involved offshore entities.
- The lawsuit stems from a 2021 deal where Binance sold its FTX equity back, allegedly using misappropriated funds.
- FTX’s bankruptcy trust has so far returned $6.2 billion to creditors, with another distribution planned for September 2025.
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