• Days
  • Hours
  • Mins
  • Secs
  • Sun, 15 Sep 2019, 07:49 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Binance CEO CZ seeks compensation for reputational damage from Sequoia

Image Via News4C

Fri, 24 May 2019, 05:00 am UTC

The CEO and founder of crypto exchange Binance is seeking damages from venture capital firm Sequoia Capital China, CoinDesk reported.

In a filing submitted to Hong Kong’s High Court on May 20, Changpeng Zhao claimed Sequoia Capital hurt his reputation and unjustly prevented him from raising capital during its now-dismissed legal suit against him.

Attorneys of Zhao, or better known as CZ in the industry, filed an application before the court chambers seeking inquiry whether or not CZ has “sustained any and what damages.”

The application further orders for “immediate summary of assessment of damages” as a result of the ex parte injunction order Sequoia obtained against him last December 27, 2017, which prevented him from raising funds from investors until March 1, 2018.

The injunction order has caused loss to me for which I am entitled to reasonable compensation by Sequoia,” Zhao stated in the new filing as cited by CoinDesk.

In particular, I have suffered (i) a loss of change to raise capital through successive rounds of financing at increasing high valuations; and (ii) damage to my reputation.”

The first hearing of the case, HCMP 2770/2017, is scheduled on June 25, based on the information available on the court’s website. The trial will be between Zhao and SCC Venture Vi Holdco G, Ltd.

The filing follows the resumption of trading activity at Zhao’s cryptocurrency exchange firm after the successful completion of its security upgrade following a recent hack. Earlier this month, Binance suffered a data breach that resulted in hackers stealing 7,000 BTC (worth more than $40 million). According to Tech Crunch, Binance used its own funds to cover the bitcoins lost.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,363.40 (+0.28%)
  • Ethereum (ETH) $188.30 (+4.19%)
  • XRP (XRP) $0.263300 (+3.02%)
  • Bitcoin Cash (BCH) $306.35 (+2.71%)
  • Litecoin (LTC) $70.84 (+2.98%)
  • Bitcoin (BTC) $10,363.40 (+0.28%)
Sep 13, 2019 (Friday)
Libra Association head confident about crypto launch in H2 2020
Blockchain industry welcomes Mastercard-R3 collaboration, but skeptical about the future of private networks
tZERO to bring blockchain to film financing via new partnership
France mulls blocking Facebook's Libra project on European soil as FINMA chief weighs pros and cons of the cryptocurrency
Thailand's PTT, Energy Web Foundation to develop blockchain renewable energy marketplace
Russia’s Alfa-Bank launches liquidity management service on Waves Blockchain
Zelle co-founder Mike Kennedy replaces Adam Ludwin as CEO of Interstellar
Crypto Technicals: XMR/USD recovery lacks traction, price action capped below 21-EMA (75.86)
Crypto Technicals: BTC/USD trades range-bound, no clear directional bias
PundiX to launch a fully blockchain-powered phone Blok on Blok (BOB)
Cryptokitties maker Dapper Labs secures $11.2M to develop blockchain Flow, scores deals from Warner Music, Ubisoft
Crypto exchange Huobi likely to attempt backdoor IPO in Hong Kong
Binance's NYDFS-approved stablecoin BUSD is now live on Paxos, to be listed on Binance next week
Deutsche Telekom's T-Labs launches blockchain e-mobility pilot 'Xride'
Sep 12, 2019 (Thursday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Binance Futures to go live on September 13
Santander issues $20M bond using Ethereum blockchain
Binance US to open user registration next week
Marshall Islands to launch a pre-sale for its blockchain-based national cryptocurrency
United Kingdom leads with most number of registered cryptocurrency exchanges: Study
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.