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 defense argued that the cover title harmed his public image and caused distress and embarrassment because Modern Media is a powerful publication.
The company has been asked to retract its defamatory remarks about Zhao, issue a formal apology, and provide financial compensation, including damages.
Zhao and Binance have not responded to the allegations, though Zhao hinted at his involvement in the case today by retweeting a post from Watcher Guru.
Before the lawsuit was filed, Bloomberg appears to have partially addressed Zhao’s concerns. According to reports elsewhere, some instances of the offending title were changed to “The Mysterious Changpeng Zhao” last week.
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 Survive the Cold?”
This is not Zhao’s first lawsuit against a major news organization; Binance sued Forbes in 2020 over an article accusing the company of secretly working to funnel money and evade regulators. Binance dropped the lawsuit in early 2021, and a year later announced a $200 million investment in the media behemoth.
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