Crypto exchange Binance‘s CEO Changpeng Zhao has just extended litigation battles with VC investor Sequoia Capital, after suing a unit of the firm in court, following an initial dismissal of their case against him.
Zhao has claimed that the suit by Sequoia Capital China has already damaged his reputation, regardless of its dismissal. He says that it prevented him from raising money at favorable valuations and thus, demands compensation from them.
In his new filing, it states:
“The injunction order has caused loss to me for which I am entitled to reasonable compensation by Sequoia. In particular, I have suffered i) a loss of chance to raise capital through successive rounds of financing at increasing high valuations; and ii) damage to my reputation.”
The filing, according to CoinDesk, was submitted to the Hong Kong High Court on 20 May. Zhao requested for a hearing on an order for “immediate summary of assessment of damages”. The court’s website has published confirmation of a hearing for the case on 25 June, between Zhao and SCC Venture VI, an incorporation of Sequoia Capital China.
In the original case made in the opposite direction, Sequoia accused Zhao of breaching exclusivity contracts by talking to IDG Capital in the midst of Series A funding discussions. However, in December 2018, the Hong Kong International Arbitration Centre dismissed all of Sequoia Capital’s claims.
The defendant has not responded to request for comments.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay