Binance founder's Changpeng Zhao wealth drops by $13 billion
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Bloomberg faces lawsuit by Binance CEO over defamation allegation

The CEO of Binance, CZ Zhao, has filed a lawsuit against Bloomberg for defamation. Zhao claimed that an article published by the media outlet on July 6 defamed him. The article that Zhao pointed out allegedly had unverified criminal accusations and reports made up just for the sake of it. It damaged Zhao’s image and put his reputation on the line.

Bloomberg faces a lawsuit by Binance CEO

CZ filed the lawsuit in the high court of Hong Kong against the Bloomberg Businessweek Chinese publisher for defamation. There were also references made to Facebook and Twitter posts related to this. The lawsuit says that Zhao faced pain and embarrassment due to the article, and the defendant must apologize and compensate for their losses. Let’s see where this case goes and whether Bloomberg is ordered by the court to apologize to CZ Zhao.

Bloomberg faces lawsuit by Binance CEO
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Bloomberg’s article

The title of the article was very misleading in itself. It used the following words “Changpeng Zhao’s Ponzi Scheme,” which was enough to make it go viral. Since Bloomberg is such a large publication, it had a huge impact on C’s reputation and image. So, the demand is to get it retracted by Bloomberg and get an apology.

Zhao also pointed out that Bloomberg portrayed his exchange Binance as a sketchy platform. The article also called Binance a “massive shitcoin casino” by quoting an undisclosed source which we know what it means. The article made it seem as if CZ Zhao has been breaking a lot of laws, but that is not the case.

Even though Modern Media behind Bloomberg has scrapped the article’s title and things pointed out by CZ, its impact isn’t still gone. As of now, there are countless websites that are posting the same thing. Many websites are also selling the print edition of the 250th edition of the Businessweek.

Not the first defamation lawsuit

This is not the first defamation lawsuit filed by CZ Zhao. He filed a case against Forbes in 2020, which they dropped in 2021 and made an investment in the company. Before this, CZ Zhao also sued Sequoia capital firm again based on defamation claims back in 2019.

What are your thoughts as Bloomberg faces a lawsuit by Binance CEO? And do you think that the things written by Bloomberg were too much? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

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