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Binance sues Sequoia, demands compensation

Binance CEO

Binance has filed a lawsuit against Sequoia Capital. To be more exact, the CEO of binance Zhangpeng Zhao, was the one who signed the lawsuit against the company for damaging the reputation of Binance.

Most think that this was retaliation from the CEO of Binance against the lawsuit that was filed against him not too long ago by Sequoia. It was caused by a funding partnership that simply couldn’t come into fruition.

What are the allegations?

Zhao made an argument in his lawsuit that Sequoia’s lawsuit not too long ago was a calculated attack against the company when it was in desperate needs of immediate funds from as many investors as possible. Zhao mentioned that due to the lawsuit, Binance’s reputation had been damaged significantly.

As per Zhao’s demands, Sequoia is to immediately remunerate Binance of all the funds that were lost due to the defamation. Although the exact amount required is not yet known, it’s clear to be in the hundreds of millions.

Zhao also requests a formal investigation of the matter and the assessment of the damage suffered by him as an individual.

Many are debating online, saying that this is exactly what Sequoia wanted if they were actually targeting Binance in their last lawsuit. The fact that Zhao retaliated with similar tactics, shows that Binance did indeed lose a significant amount of funds due to the defamation.

People believe that the lawsuit from Zhao will most likely have the same effect that Sequoia’s lawsuit had in the past.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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