Attorney Seeks Deposition from Former Binance CEO in $1 Billion Lawsuit
Attorney Adam Moskowitz has filed a motion to depose former Binance CEO Changpeng Zhao as part of a $1 billion lawsuit against Zhao, Binance, and crypto influencers. Moskowitz believes Zhao’s testimony is crucial to the claims and defenses of all parties involved. The motion was filed in response to a Washington judge ordering Zhao to remain in the U.S. until his sentencing in February 2024.
Moskowitz’s Previous Cases
Moskowitz and his firm have represented clients in cases against high-profile crypto firms. He was counsel for victims of the FTX collapse, targeting celebrities who promoted the exchange. He also handled a suit claiming investors suffered losses from Cristiano Ronaldo promoting Binance’s nonfungible tokens.
Impact of Guilty Plea
Zhao’s guilty plea to federal charges, alleging a lack of safeguards during his time as CEO, could support some claims in the civil suit. The case alleges that Binance promoted unregistered securities, though the SEC was not involved in the settlement with Zhao, Binance, and the government. The SEC is still pursuing litigation against CZ and Binance, claiming that the BNB token is an unregistered security.
Hot Take: Uncertainty Surrounding CZ’s Testimony
The deposition of Changpeng Zhao is crucial for all parties involved in the $1 billion lawsuit against him, Binance, and crypto influencers. However, there are uncertainties surrounding his availability for testimony due to his guilty plea and potential prison sentence. If he receives no jail time, he may flee back to the UAE, making it difficult to arrange a deposition. On the other hand, if he is sentenced to prison, the logistics of conducting a deposition from prison pose additional challenges. The outcome of CZ’s testimony could significantly impact the case and the alleged values involved.
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