ARTICLE TRANSLATION ON BINANCE CEO GOES WRONG! CZ SUES BLOOMBERG AS A RESULT
Binance CEO CZ is furious and suing Bloomberg for the wrong accusation.
Binance CEO, Changpeng Zhao, aka CZ, is suing Bloomberg Businessweek for defamation in the Hong Kong High court. The largest global crypto exchange CEO filed a lawsuit citing the report published by Bloomberg Businessweek on July 6 as defamation against him. He stated that the cover of the report and the related news that came out included false and unproven criminal charges.
The lawsuit filed by Changpeng Zhao is represented by José-Antonio Maurellet, SC, of Des Voeux Chambers, against Modern Media Company. Changpeng Zhao reached out to Watcher Guru and confirmed the legitimacy of the news. The defamation lawsuit filed by CZ highlights Bloomberg Businessweek’s 250th issue about CZ. The cover of the issue was misleading and was titled “Changpeng Zhao’s Ponzi Scheme.” The lawsuit also cites the 250th issue along with social media posts on Facebook and Twitter.
CZ, who is one of the prominent personalities in the industry, highlighted in the lawsuit that Modern Media is an influential and large medium and that the defaming news is spreading hate and harming CZ’s image. Binance, which was founded in 2017, has had the most remarkable growth over the last five years. The exchange recently celebrated its fifth anniversary. Recently, the exchange flipped Coinbase for the highest number of bitcoins held, marking another milestone for CZ’s exchange.
As a part of its fifth anniversary, Binance has also announced several giveaways and zero bitcoin trading fees. Binance has proven its resilience during the crypto winter, even when companies were laying off employees and struggling to stay afloat. The lawsuit also highlighted the embarrassment and distress that CZ had to go through because of Bloomberg’s false reporting. The lawsuit, which Zho filed, demands Modern Media take down the defamatory report and issue a formal apology. The Binance CEO has also demanded compensation for the damage caused and has also made a post on Twitter about accountability, that’s likely a reference to the recent lawsuit.
Cryptocurrency exchange founder sues
Bloomberg Businessweek publisher for
defamation in Hong Kong court
The statements in question involved the cover story of the 250th issue of the magazine, which was entitled “Zhao Changpeng’s Ponzi Scheme” and contained a photo of him.
by PETER LEE
The founder of the world’s largest cryptocurrency exchange Binance is suing the publisher of the Chinese edition of Bloomberg Businessweek for unspecified damages over a “defamatory” magazine cover
Zhao Changpeng, who is also chief executive officer of Binance, filed the case in Hong Kong’s High Court on Monday.
The Canadian alleges that Modern Media Company Limited, the Chinese publisher of Bloomberg Businessweek, had published “defamatory statements” about him in Hong Kong on or around July 6.
The statements in question were the cover of the 250th issue of the magazine, as well as Twitter and Facebook posts with the cover attached. The cover was entitled “Zhao Changpeng’s Ponzi Scheme” along with a photo of him.
A Ponzi scheme refers to an investment fraud that pays existing investors with funds collected from new investors.
The magazine title was later changed to the “Mysterious Zhao Changpeng.”
The cover story was the Chinese translation of a Bloomberg feature published on June 23 in English, headlined “Can Crypto’s Richest Man Stand the Cold?”
Zhao said these statements were “calculated” to hold him up to “hatred, contempt and ridicule” and “tended to lower [him] in the estimation of right-thinking members of society in general,” in particular among crypto community members and his commercial counterparts.
Zhao said his reputation had been “gravely injured” and he had suffered “considerable distress and embarrassment” as a result of the “defamatory statements.”
The publisher, he said, “knew or ought to have known” that the words in question were defamatory. He added that it either had “no genuine belief in the truth of what it published,” or “must have suspected” the statements were untrue
The cryptocurrency exchange founder asked the court to order the publisher to apologise to him and remove the statements from its websites and social media, as well as to recall all copies of the physical publications.
He asked for “relevant” damages and costs.
Zhao founded Binance in 2017 and had a total net worth of over US$95.9 billion (HK$753 billion) at the beginning of this year, according to the Bloomberg Billionaires Index. However, it said his net worth had shrunk by more than US$70 billion (HK$549 billion) as of Tuesday.
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