CZ sues Bloomberg for defamation

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On Monday (July 26), CZ, CEO of Binance sued Bloomberg Businessweek alleging defamation in a July 2022 article published in Hong Kong.

It all started when Bloomberg Businessweek, a leading newspaper, published an article titled “Can the richest crypto person withstand regulatory pressure” on June 23. However, in Hong Kong, Bloomberg’s local publisher Modern Media CL made another headline with a negative attitude towards the richest man in crypto, detailing “Changpeng’s ponzi scheme”.

Bloomberg article about CZ

This CEO requested that the article be withdrawn and removed from the news sites and prevented the spread of this newsletter. In addition, he filed a complaint against Bloomberg in a New York court alleging “defamation” in the article.

In addition, CZ took issue with describing the Binance exchange “smallly” with a quote from a trader who called Binance “a big shitcoin casino.” These statements are “clearly intended to mislead the public”.

“Bloomberg told me: ‘we will write a good biography of you and invite you to take pictures. Then the story was changed at the last minute. Ignore positive comments from third parties. Only choose the old negative information.”, CZ pressed.

Although, then, Modern Media changed the title “Ponzi” and withdrew the edition last month. However, many websites still sell old editions. This is the reason why CZ continues to pursue the lawsuit.

This is not the first time CZ has defended its image and that of the Binance company. Previously, Binance sued Forbes in 2020 over derogatory statements but withdrew it last year. Another time, Zhao sued the investment fund Sequoia for a similar allegation in 2019.

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