Bloomberg subsidiary is being sued for libel by the CEO of Binance.
Changpeng Zhao, the CEO of Binance, has filed a complaint against Bloomberg’s Modern Media Company for the cover title “Changpeng Zhao’s Ponzi Scheme.”
Changpeng Zhao, CEO of Binance, is suing Bloomberg’s Chinese affiliate. Changpeng Zho will file a lawsuit against Bloomberg’s Chinese-language affiliate Modern Media Company, the Hong Kong Economic Times (HKET) reported today. The 250th issue of Bloomberg Businessweek was published by the media organization with the heading “Changpeng Zhao’s Ponzi Scheme.”
Zhao’s defense emphasized the importance of Modern Media and claimed that the cover title damaged his reputation and caused him distress and shame. The company has been urged to retract its disparaging remarks about Zhao, apologize publicly, and provide monetary compensation, including damages.
Although Zhao hinted at his involvement in the case by retweeting a post today, neither Zhao nor Binance have responded to the charges.
Zhao’s worries appear to have been partially allayed by Bloomberg before the lawsuit was filed. According to reports from other sources, “The Mysterious Changpeng Zhao” was substituted for the offensive title in some instances last week.
In addition, the objectionable title is only visible on the Chinese cover. Can Crypto’s Richest Man Stand the Cold? was the title of the cover’s English translation.
This is not the first time Zhao has filed a lawsuit against a big news organization; in 2020, Binance filed a lawsuit against Forbes following a story that claimed the company was secretly working to circumvent regulators and route money. Early in 2021, Binance decided not to pursue the action, and a year later it revealed a $200 million investment in the media empire.