Binance CEO Files Defamation Lawsuit Against Bloomberg

July 25, 2022 10:25 pm Comments

Binance founder Changpeng “CZ” Zhao is seeking legal action in response to an article published on July 6 that accuses the chief executive of running a “Ponzi scheme.”

The lawsuit is against the traditional Chinese-language version of Bloomberg Businessweek that has been published in Hong Kong since 2013 and is run by Modern Media.

The headline of the article that was first published on June 23 by Modern Media and titled “Can Crypto’s Richest Man Stand the Cold?,” was altered to “Changpeng Zhao’s Ponzi Scheme,” which caused “distress” and “embarrassment,” according to CZ.

CZ has furthermore filed a demand for discovery against Bloomberg in the United States for the purpose of defamation resulting from the first report that was published in June.

Crypto Briefing shared these details:

Binance CEO Changpeng Zhao has filed a defamation lawsuit against the Bloomberg subsidiary Modern Media Company. Binance chief Changpeng Zhao is taking Bloomberg’s Chinese subsidiary to court.

The Hong Kong Economic Times (HKET) reported the news today, confirming that Changpeng Zho will sue Bloomberg‘s Chinese-language subsidiary Modern Media Company. The media company ran Bloomberg Businessweek‘s 250th issue with the title “Changpeng Zhao’s Ponzi Scheme.”

Zhao’s defense highlighted that Modern Media is an influential publication and argued that the cover title harmed his public image and caused distress and embarrassment. The firm has been asked to withdraw its defamatory comments against Zhao, issue a formal apology, and offer financial compensation including damages.

Neither Zhao nor Binance have commented on the allegations, though Zhao hinted at his involvement in the case by retweeting a post from Watcher Guru today.

Watcher Guru chipped in with these details:

Binance CEO, Changpeng Zhao, aka CZ, is suing Bloomberg Businessweek for defamation in the Hong Kong High court. The largest global crypto exchange CEO filed a lawsuit citing the report published by Bloomberg Businessweek on July 6 as defamation against him. He stated that the cover of the report and the related news that came out included false and unproven criminal charges.

The lawsuit filed by Changpeng Zhao is represented by José-Antonio Maurellet, SC, of ​​Des Voeux Chambers, against Modern Media Company. Changpeng Zhao reached out to Watcher Guru and confirmed the legitimacy of the news.

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