Zhao Changpeng: Reluctantly counterclaimed the red shirt with public results, and had advanced the legal expenses of 779,000 US dollars.

On May 23, in response to the lawsuit against Sequoia Capital to damage the reputation, Zhao Changpeng, the founder of the currency, responded with 11 tweets in succession. The general contents are as follows. 1. The arbitral tribunal has rejected all claims of Sequoia; 2. I won the case, but the case is extremely destructive, and the ban has prevented him from raising funds for the currency at the end of 2017, which is a critical moment in the market; 3. Previously, The ban and the serious allegations made by Sequoia were made public, and the arbitration was confidential. I could not publicly defend myself. 4. The Hong Kong courts determined that Sequoia’s act of obtaining an injunction was an abuse of the procedure. At the end of last year, the arbitral tribunal finally determined that there was no legal basis for all the claims of Sequoia; 5. Red Shirt China incurred a total of 2.4 million US dollars in related legal expenses, but lost the case. Even if I win the case, I am not allowed to make the results public, so I must counterclaim to announce the results; 6. I need to pay the legal fee of $779,000 first, and finally pay by Sequoia. This is not possible for most entrepreneurs. Most entrepreneurs are also unable to obtain additional funding for their startups in the event of a lawsuit; 7. Many start-ups have no choice but to succumb to the unfair terms or practices adopted by venture capital firms, especially one Well-known venture capital companies; 8. We are not just defending, but fighting for the industry; 9. Fortunately, for today's entrepreneurs, there are other options. People are welcome to use blockchain-based fundraising activities.