Cryptocurrencies
Crypto Billionaire Sued by Sequoia After Deal Falls Apart
- Binance founder Zhao Changpeng sued in Hong Kong court
- Dispute sheds light on how VC firms have valued the exchange
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A legal dispute between Zhao Changpeng, founder of the world’s largest cryptocurrency exchange, and a unit of Sequoia Capital is offering a rare glimpse into one of the digital-asset industry’s fastest-growing startups.
Sequoia sued Zhao over a funding deal gone awry, according to Hong Kong court filings on March 26 and April 24. The filings shed light on Zhao’s interactions with big-name venture capital firms and reveal details about how they’ve valued Binance, the exchange that Zhao started just nine months ago.