- Bloomberg Businessweek published the article on June 25th.
- The cases have been filed in both courts of New York and Hong Kong.
Binance CEO and founder Changpeng Zhao (CZ) has filed a lawsuit in Hong Kong and New York against the media house Bloomberg. On June 23, Bloomberg Businessweek published an article that almost felt like a biography of CZ. The material made many direct accusations of CZ & Binance, and the Chinese version was translating the headline as a Ponzi scheme.
The article starts with the tone of blaming Binance for promoting TerraUSD and links it to the collapse of the crypto market. Binance is one of the largest crypto exchanges in the crypto market which has the majority BTC holding. And CZ has been the effective spokesperson for the platform from the beginning.
The article also includes a quote from a trader, who mentions Binance to be ”a massive shitcoin casino”. The media company has also posted a tweet and Facebook mentioning the same article. CZ has replied to that tweet pointing to the reports.
The comments here says it all. While most journalist at Bloomberg are good, but this time, it was bad.
— CZ 🔶 Binance (@cz_binance) June 24, 2022
Particulars of the Litigation
The New York file mentions unsupported statements made on the CEO and Binance, that may distract the readers/viewers, making them believe that the organization is involved in some form of illegal or unlawful processes.
The case filing is handled by José-Antonio Maurellet, SC, of Des Voeux Chambers from CZ’s side. The proceeding also highlights the emotional stress and strain CZ had to go through due to this defamation caused by Bloomberg.
In Hong Kong, CZ looks forward to banning defamatory statements from republishing ever again. An apology is expected from Bloomberg along with compensation for the damage they have caused.