Binance CEO Changpeng Zhao has filed a defamation lawsuit against Bloomberg subsidiary Modern Media Company.
Binance CEO alleges defamation
Binance CEO Changpeng Zhao is suing the Chinese subsidiary of Bloomberg. The Hong Kong Economic Times (HKET) reported the news today, confirming that Changpeng Zho will sue Bloomberg’s Chinese-language subsidiary, Modern Media Company.
The lawsuit corresponds to the 250th issue of Bloomberg Businessweek, titled “Changpeng Zhao’s Ponzi scheme“.
Zhao’s defense pointed out that Modern Media is an influential publication and argued that the cover headline damaged his public image. The company was asked to withdraw its defamatory comments against Changpeng Zhao, issue a formal apology and offer financial compensation including damages.
Bloomberg appears to have partially satisfied Changpeng Zhao’s concerns prior to the filing of the complaint. Other reports suggest that some instances of the offending headline were replaced with “The Mysterious Changpeng Zhao” last week.
Moreover, the offending title is only visible on the Chinese edition of the cover. The site in English version of the cover had the title “Can the richest man in Crypto stand the cold?“.
This is not the first time Changpeng Zhao has sued a major media outlet. Forbes in 2020 over an article that accused the company of secretly working to funnel money and evade regulators. Binance dropped that lawsuit in early 2021 and then announced a $200 million investment in the media giant a year later.