Changpeng Zhao, the founder of Binance, has filed a motion to dismiss a $1.8 billion lawsuit brought by the FTX bankruptcy estate. The lawsuit concerns a 2021 equity buyback between FTX and Binance, which allegedly involved misappropriated funds. Zhao's legal team argues that U.S. courts lack jurisdiction over him as he was improperly served and claims he does not have significant ties to Delaware. The motion states that the legal complaint is flawed, asserting that Zhao was not the direct recipient of the funds and had a nominal role in the transactions. The lawsuit, originally filed in November 2024, seeks to recover crypto assets that were transferred during the buyback deal for a 20% stake in FTX. The issue traces back to the fallout from FTX's bankruptcy and the broader examination of FTX's financial dealings, including allegations that Sam Bankman-Fried used funds improperly during the buyback process. Zhao contends that the court's authority does not extend to the transactions described in the lawsuit.

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