Binance founder and CEO Changpeng Zhao is taking a unit of Sequoia Capital back to court after the VC investor’s case against him was dismissed.
The crypto exchange mogul, nicknamed CZ, claims Sequoia Capital China hurt his reputation and prevented him from raising money at favorable valuations and wants the VC giant to compensate him.
According to a filing submitted on May 20 to the High Court in Hong Kong and obtained by CoinDesk, Zhao has sent an application via his attorneys for a hearing before the court chambers on an order for “immediate summary of assessment of damages.”
A hearing for the case, HCMP 2770/2017, will take place on June 25, according to information available on the court’s website, between Zhao and SCC Venture VI, a company incorporated as a special purpose vehicle of Sequoia Capital China.
The application demands an inquiry be held to determine if Zhao “has sustained any and what damages” resulting from the injunction order Sequoia obtained on Dec. 27, 2017, which prevented Zhao from raising capital from other investors until March 1, 2018.
If it’s decided that “any such damage has been sustained,” Zhao asks that Sequoia pay him the amount determined at the inquiry. (He did not suggest an amount.)
Zhao stated in the new filing:
“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.”
Sequoia Capital China has not responded to CoinDesk’s request for comment as of press time.