Changpeng Zhao, the CEO and founder of Binance, has filed a complaint against Bloomberg’s Modern Media Company for the cover title “Changpeng Zhao’s Ponzi Scheme.”
Changpeng Zhao filed a lawsuit against Bloomberg Businessweek over three allegedly defamatory statements that were made earlier this month and disseminated via the publication’s Chinese edition, which is available in Hong Kong, as well as its associated Twitter and Facebook profiles.
Zhao is suing for damages after the Chinese edition of Bloomberg Businessweek published a phrase that read “Zhao Changpeng’s Ponzi Scheme” both in print and online. In addition, Zhao is suing the publication for using the same term twice more in posts on Facebook and Twitter advertising the profile narrative about him.
Zhao’s defense emphasized the importance of Modern Media and claimed that the cover title damaged his reputation and caused him distress and shame. The company has been urged to retract its disparaging remarks about Zhao, to apologize publicly, and to provide monetary compensation, including damages.
The CEO had previously expressed his dissatisfaction with how Bloomberg had covered an interview with him from June.
In addition, the objectionable title is only visible on the Chinese cover. “Can Crypto’s Richest Man Stand the Cold?” was the title of the cover’s English translation.
Zhao’s worries appear to have been partially allayed by Bloomberg prior to the lawsuit being filed. According to reports from other sources, “The Mysterious Changpeng Zhao” was substituted for the offensive title in some instances last week.
This is not the first time Zhao has filed a lawsuit against a big news organization; in 2020, Binance filed a lawsuit against Forbes following a story that claimed the company was secretly working to circumvent regulators and route money. Early in 2021, Binance decided not to pursue the action, and a year later it revealed a $200 million investment in the media behemoth.