Bloomberg is Being sued for Defamation by Binance’s CZ

Key Takeaways:

  • The CEO of Binance is suing Bloomberg for defamation.
  • The issue is the  misleading label “Changpeng Zhao’s Ponzi Scheme.”
  • CZ said that the report’s cover and the news articles that accompanied it were embellished with baseless illicit claims.

Changpeng Zhao, nicknamed CZ, the CEO of Binance, is challenging Bloomberg Businessweek in the Hong Kong High Court for slander and defamation. The CEO of the largest worldwide cryptocurrency exchange filed a lawsuit, claiming that the article published by Bloomberg Businessweek on July 6 defamed him. He admitted that the report’s overall narrative and the related evidence contained exaggerated and unsupported criminal accusations.

José-Antonio Maurellet, SC, of Des Voeux Chambers, is the defendant in action brought by Changpeng Zhao against Modern Media Company. Changpeng Zhao retweeted  Watcher Guru a’s post about the lawsuit to confirm the news.  

The defamation lawsuit brought by CZ draws attention to the 250th topic about CZ in Bloomberg Businessweek. The problem’s misleading duvet was called “Changpeng Zhao’s Ponzi Scheme.” Along with the 250th subject, Facebook and Twitter posts are also mentioned in the case.

The complaint demands that  Media retract the false claim and issue a formal apology to CZ. Additionally, additional payment has been requested for the damage that followed.

Additionally, CZ recently made headlines by publicly expressing his opinion that Tesla’s Bitcoin holdings are “a drop in the ocean” and have little impact on the asset. Given that Tesla has sold less than $1 billion (approximately Rs 8,001 crore) worth of BTC, Zhao claims claim claim claim is that up to $100 billion (about Rs 8,00,148 crore) worth of Bitcoin is exchanged daily, makes the sum seem insignificant in terms of volume.

During a conference call, Tesla CEO Elon Musk called cryptocurrencies a “sideshow,” although he added that the latest sale was not a “judgment” on Bitcoin. Despite his concerns about the environment, the businessman did not completely rule out expanding his company’s current bitcoin position in the future.

Over the past five years, Binance, launched in 2017, has experienced the most impressive growth. Recently, the exchange commemorated its fifth birthday. Binance has also announced several incentives and no-fee bitcoin trading as part of its fifth anniversary. Even during the crypto cold, when businesses were cutting staff and fighting to survive, Binance showed its resiliency.

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