Key Takeaways:
- Binance CEO Changpeng Zhao has sued a Bloomberg subsidiary in Hong Kong
- The head of the largest crypto exchange by volume accuses "Modern Media" of tarnishing his image
- The Chinese Media house had published an article titled “Changpeng Zhao’s Ponzi Scheme.”
YEREVAN (CoinChapter.com) — Binance CEO Changpeng Zhao (CZ) is suing Bloomberg Businessweek for defamation in the Hong Kong High court. According to Watcher Guru, the reason behind the lawsuit is a report that Bloomberg Businessweek published on July 6.
As the Hong Kong Economic Times (HKET) suggests, Bloomberg Businessweek’s Chinese-language publisher, “Modern Media,” is the defendant in the case.
José-Antonio Maurellet, SC, of Des Voeux Chambers will represent Changpeng Zhao in the case.
The CEO of the crypto exchange confirmed the news by re-tweeting Watcher Guru’s post on the incident.
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“Changpeng Zhao’s Ponzi Scheme” backfires
As Binance CEO’s legal team insists in the court filings, the Chinese edition (250th issue) of Bloomberg Businessweek translated an article from June under the title “Changpeng Zhao’s Ponzi Scheme.”
The piece appeared in the 250th issue of Bloomberg Businessweek
Last month, Bloomberg published the English version of the piece titled “Can Crypto’s Richest Man Stand the Cold?”.
The original version had received strong criticism from Zhao, who accused the media house of dishonesty. He did not hesitate to show his anger on Twitter.
“Bloomberg: hey, we will do a nice profile piece on you, invite you for photoshoots, etc. Then switches the story last minute. Ignore all positive comments they got from 3rd parties. Picked only old negatives. And still puts you on the cover. WTF!? Unprofessional,”
the head of the world’s largest cryptocurrency exchange by volume wrote.
According to the plaintiff’s legal team, Modern Media is an important and influential local media, and its report harms Zhao’s reputation. As a result, the Binance CEO could face financial losses owing to unsubstantiated negative press, which harms his goodwill in the cryptocurrency and business circles.
Zhao’s legal team also insisted that the report had caused their client distress and embarrassment. Besides publishing the article, the media house also allegedly shared the derogatory comment on social media platforms.
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Bloomberg should be accountable
The lawsuit, which Zho filed, demands Modern Media take down the defamatory report and issue a formal apology. The Binance CEO has also demanded compensation for the damage caused.
Zhao has also made a post on Twitter about accountability, that’s likely a reference to the recent lawsuit.
According to Forkast, a Binance spokesperson has claimed the filing has nothing to do with the crypto exchange. Instead, it is a personal lawsuit by Zhao against the media house.
This is not the first time Zhao has sued a media outlet for defamation. Back in 2020, Zhao moved against Forbes in the US. However, earlier this year, Binance made a $200 million strategic investment in Forbes.
