CEO Binance filed a lawsuit against VC firm Sequoia for damage to reputation

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Chunpeng Zhao (CZ), CEO of leading stock exchanges of cryptocurrency, has filed a lawsuit against the famous venture capital firm Sequoia for damage to reputation caused by its lawsuit against Binance, which was rejected.

According to a statement filed in the High court of Hong Kong, CZ claims that Sequoia Capital China, Sequoia unit, significantly damaging its reputation and intends to seek compensation.

According to the Director General, it was the result of a lawsuit filed in April of last year, Sequoia because of a failed financing transaction that prevented him to attract investment with the correct evaluation of Binance.

A hearing on the case will be held on June 25 between CZ and SCC Venture VI, a subsidiary of Sequoia Capital China. Have to figure out the damages received by the exchange due to a restraining order at the request Sequoia, issued at the end of 2017, which did not allow CZ to raise funds in March 2018.

The requirement of reasonable compensation

The initial lawsuit filed by Sequoia, was rejected by the Supreme court of Hong Kong, and the VC firm had to reimburse Binance legal costs needed to pay for her legal representative.

In a statement, CEO Binance said:

“A court injunction has caused me damages that I am entitled to reasonable compensation from the Sequoia. In particular, I failed:

1) the loss of a chance of raising capital through a sequential series of rounds of funding;

2) damage my reputation.”

Sequoia is one of the most famous venture capital firms specializing in technology startups, and existing data show that it manages 22 funds around the world. Today she managed to raise $15.3 billion

Now Binance is going through hard times. Earlier this month, the exchange was hacked and stolen 7000 BTC, when hackers managed to gain control over user accounts and withdraw their money.

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Tags: Binance VC Sequoia

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