LayerZero CEO: FTX’s accusations are baseless and just to delay time and earn more legal fees

Odaily Planet Daily News In response to the lawsuit initiated by FTX, Bryan Pellegrino, CEO and co-founder of LayerZero Labs, issued an article on X in response, stating that FTX’s accusations have no factual basis. LayerZero has been communicating with FTX liquidators for nearly a year, actively trying to resolve the equity issue time and time again, but FTX has been ignoring LayerZero’s positive actions. The reason why FTX waited so long to file a lawsuit full of baseless claims was not to solve the problem, but to delay the litigation process and earn more legal fees. Regarding the fact that "LayerZero used internal information to withdraw money in advance" mentioned in the FTX lawsuit, Pellegrino responded that LayerZero had absolutely no idea whether FTX would go bankrupt at that time. He personally had continuous deposit operations in the month before FTX went bankrupt, and even on November 11 On the evening of March 7, US$1 million was deposited. Withdrawals are based on risk aversion. When there are rumors in the market, LayerZero will choose to remain cautious until the problem is completely resolved. This is also reflected in the early withdrawal of $100 million in deposits from Silicon Valley Bank during the turmoil. . Pellegrino also mentioned that the accounting treatment of the current legal team handling FTX's bankruptcy is extremely poor, even worse than the way SBF handled it back then; in addition, the team's behavior in the StarGate (STG) currency exchange incident also seems to indicate that they have different concerns about private keys and other matters. The composition of blockchain lacks the most basic understanding. According to previous news, FTX creditor @sunil_trades posted on the X platform that according to a lawsuit document, FTX has filed a recovery lawsuit against LayerZero Labs and other related parties. Allegedly, just before FTX shut down and banned withdrawals, LayerZero used inside information to illegally withdraw $21.37 million in funds from FTX. In addition, FTX also seeks to recover approximately US$13.07 million and US$6.65 million from Ari Litan, the former chief operating officer of LayerZero Labs, and its Skip & Goose subsidiary.