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Binance CEO CZ Sues Bloomberg Company For Defamation

Binance CEO Changpeng Zhao has sued Bloomberg’s Modern Media Company over a cover that reads “Changpeng Zhao’s Ponzi Scheme.”

The Hong Kong Economic Times reported on the news today that Changpeng Zhao will sue Modern Media Company, Bloomberg’s Chinese-language subsidiary. The media company published the 250th edition of Bloomberg Businessweek, “Changpeng Zhao’s Ponzi Scheme.”

Zhao said Modern Media was an influential publication and argued that the words on the cover had hurt his public image and caused shame; the company was asked to remove the defamatory comments against Zhao and an official apology, including damages.

In the tweet below, he suggests that action should be taken, even though CZ does not write directly about Bloomberg.

Bloomberg appears to have partially satisfied Zhao’s concerns before filing the lawsuit. There are (as yet unconfirmed) rumors that the title has been changed to “The Mysterious Changpeng Zhao.”

CZ says the journalist and Bloomberg did not treat him fairly. He was interviewed for a profile, and photos were shot. Third parties were then interviewed to give a more balanced picture, but according to the Binance director, Bloomberg has chosen only to publish the negative reactions.