New shock in the cryptosphere! The founder of Binance Changpeng Zhao (dit CZ) tries to cancel a colossal complaint of $ 1.8 billion filed by FTX. A judicial maneuver which revives tensions between two fallen giants from the crypto sector.
In short
- Changpeng Zhao disputes the complaint of FTX, denying any control over the 1.8 billion transferred.
- Zhao rejects any responsibility in the fall of FTX, which he describes as a fundamentally fraudulent business.
A crypto trial at 1.8 billion dollars against a background of fraud and gray areas
Departed in a court in Delaware, the complaint of FTX accuses Binance and CZ of having received in 2021 a fraudulent transfer of $ 1.8 billion in Stablecoins (BUSD) and FTT tokens as part of a share repurchase. According to FTX liquidators, the funds used came directly from the deposits of diverted clients illegally.
Faced with this complaint, Zhao Counter-attack. He claims that the complainants do not allege that he has received or checked the assets transferred. He therefore presents himself as a simple passive actor of the transaction. Better still, his lawyers emphasize that the agreement took place outside the United States (more precisely between the Cayman Islands, the BVI and Ireland). Which makes American jurisdiction incompetent.
This case highlights the legal opacity of certain cross -border crypto transactions, often facilitated by offshore structures. For Zhao, this attack aims to divert the attention of massive fraud orchestrated by Sam Bankman-Fried. The fallen crypto billionaire is now sentenced to 25 years in prison.
CZ defends itself and accuses FTX of diverting attention
Another sensitive point: the role of Zhao's publications on X in autumn 2022. For FTX, its Messages announcing the sale of FTT by Binance precipitated a rush to withdrawals. Which led to the collapse of Crypto society. Obviously, the defense rejects this argument. According to her, FTX was a fraudulent system dedicated to failure.
CZ's defense thus tries to reverse the indictment. According to her, holding him responsible would amount to accusing a whistleblower for having dropped a Ponzi. Remember that Zhao himself has purged a sentence of 4 months in prison For money -related violations.
In any case, the trial between FTX and CZ crystallizes the flaws of a still unstable crypto ecosystem. Between extraterritorial justice, offshore assembly and alleged manipulation, this case could pose a major precedent for the future of global crypto regulation.
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