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Binance CEO Changpeng Zhao has sued Bloomberg subsidiary Modern Media Company for slander.
Binance CEO Sues for Defamation
Binance CEO Changpeng Zhao has filed a lawsuit against Bloomberg’s Chinese subsidiary.
Changpeng Zho will sue Bloomberg’s Chinese-language subsidiary Modern Media Company, according to the Hong Kong Economic Times (HKET).
The title of Bloomberg Businessweek’s 250th issue was “Changpeng Zhao’s Ponzi Scheme.”
Zhao’s defence stated that the cover headline injured his public image and caused pain and shame. The company has been required to retract its defamatory remarks against Zhao, issue a formal apology, and provide financial compensation, including damages.
Binance CEO Changpeng Zhao. Image: Open Innovation Forum
Zhao and Binance have not responded to the charges, but Zhao hinted at his participation in the matter by retweeting a post from Watcher Guru.
Before the lawsuit was filed, Bloomberg appears to have partially addressed Zhao’s objections. According to reports elsewhere, several instances of the problematic title were altered to “The Mysterious Changpeng Zhao”.
Furthermore, the offending title is only visible on the cover of the Chinese edition. The title of the English version of the cover was “Can Crypto’s Richest Man Stand the Cold?”
This is not Zhao’s first lawsuit against a big news organisation; Binance sued Forbes in 2020 for a story accusing the company of secretly scheming to funnel money and circumvent regulations. Binance abandoned the case in early 2021 and made a $200 million investment in the media behemoth a year later.