World’s richest crypto billionaire sues Bloomberg for defamation


Binance CEO Changpeng Zhao on Monday launched a legal battle against Modern Media CL, the Hong Kong publisher of Bloomberg Businessweek, accusing him of defaming. In his lawsuit, Zhao – the world’s richest crypto billionaire – stated that the publisher portrayed him as a man running a “Ponzi scheme”. The article was a translated Chinese-language version that, according to the suit, had a mis-titled title.

Bloomberg Businessweek published an article titled “Can Crypto’s Richest Man Stand the Cold?” on 23 June. The publisher’s Hong Kong subsidiary picked it up and translated it into Chinese. However, in doing so, it moved to a different title. Zhao’s representative said the title was in a way that fueled “hatred, contempt and ridicule” for the crypto exchange chief. The Chinese title when translated into English reads: “Zhao Changpeng’s Ponzi Scheme.”

A team representing Zhao asked Modern Media to withdraw the title and recall all printed copies from newsstands. Zhao also sought a restraining order to prevent the publisher from further spreading the negative portrayal. Modern media has partially accepted their demands. But Zhao did not stop here. He filed a motion for search separately against Bloomberg LP and Bloomberg Inc. in the US over the “outrageous allegations” in the article.

In the lawsuit filed in the United States, Zhao cited a negative portrayal of Binance as “sketchy”, which is recognized by an anonymous quote from a trader who referred to Binance as a “massive shitcoin casino”. has been referenced. He alleged that these lines in the profile piece were “clearly designed to mislead readers into believing” that he was in violation of the law.

However, this is not the first time for Binance. In 2020, Binance sued Forbes for allegedly defamatory remarks in an article. Although it dropped the allegations made in a lawsuit last year, the crypto exchange made a strategic investment in Forbes sometime later. Zhao has previously moved court against venture capital firm Sequoia over alleged defamation.

The world’s richest crypto billionaire sues Bloomberg for defamation, first appeared on BGR India.

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