{"id":862457,"date":"2025-07-14T19:12:11","date_gmt":"2025-07-15T00:12:11","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/07\/14\/cz-threatens-to-sue-bloomberg-over-report-linking-binance-to-trump-backed-usd1-stablecoin\/"},"modified":"2025-07-14T19:12:11","modified_gmt":"2025-07-15T00:12:11","slug":"cz-threatens-to-sue-bloomberg-over-report-linking-binance-to-trump-backed-usd1-stablecoin","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/07\/14\/cz-threatens-to-sue-bloomberg-over-report-linking-binance-to-trump-backed-usd1-stablecoin\/","title":{"rendered":"CZ threatens to sue Bloomberg over report linking Binance to Trump-backed USD1 stablecoin"},"content":{"rendered":"
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\"CZ CZ threatens to sue Bloomberg over report linking Binance to Trump-backed USD1 stablecoin<\/span> Monika Ghosh \u00b7<\/span> 2 days ago<\/span> \u00b7 2 min read<\/span> <\/span> <\/span> <\/span> <\/span><\/p>\n

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A Bloomberg report claimed that Binance developed the smart contract code powering USD1 stablecoin; CZ dismissed it as \u201canother hit piece.\u201d<\/p>\n

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2 min read<\/span><\/p>\n

Updated:<\/span> Jul. 13, 2025 at 1:28 am UTC<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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\"CZ<\/p>\n

Cover art\/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.<\/p>\n<\/div>\n<\/div>\n

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\"Nemo\" <\/a><\/p>\n<\/div>\n

Binance<\/a> founder Changpeng Zhao<\/a> or CZ threatened to sue news agency Bloomberg for a second time over its report<\/a> alleging links between the exchange and the USD1 stablecoin.<\/p>\n

In an X post<\/a> on Friday, CZ called the article \u201canother hit piece\u201d that was \u201csponsored by a competitor,\u201d without explicitly naming the competitor. He dismissed it as a report meant to sow fear, uncertainty, and doubt, popularly referred to in crypto lingo as FUD.<\/p>\n

CZ stated that the Bloomberg report contains \u201cso many factual errors I don\u2019t even know where to begin,\u201d adding:<\/p>\n

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\u201cMight have to sue them again for defamation.\u201d<\/p>\n<\/blockquote>\n

The contentious Bloomberg report<\/h2>\n

At the center of CZ\u2019s legal threat is a Bloomberg report published on Friday. Citing three anonymous sources, the report alleged<\/a> that Binance had developed the basic smart contract code that powers the USD1 stablecoin.<\/p>\n

World Liberty Financial<\/a>, a crypto firm linked to U.S. President Donald Trump<\/a> and his sons, launched USD1 on May 22. The same day, The Wall Street Journal published a report<\/a> claiming that CZ was playing the role of a \u2018fixer,\u2019 introducing the World Liberty Financial team to international dignitaries. CZ denied the claims in the report.<\/p>\n

The launch of USD1 came nearly a month after World Liberty Financial founders met<\/a> with CZ amid a global adoption push. Soon after, an Abu Dhabi-based firm made a $2 billion<\/a> investment in Binance, which was settled using USD1. The Bloomberg report further claimed that nearly 90% of all USD1 remains in Binance\u2019s wallets, potentially generating tens of millions of dollars in interest for the Trump family.<\/p>\n

Soon after the Binance deal involving USD1, CZ sought a pardon from Trump. CZ was convicted and was released after four months in prison last year for failing to maintain appropriate guardrails on Binance to prevent money laundering.<\/p>\n

The Bloomberg article claimed that CZ\u2019s expectation of a pardon amid Binance\u2019s close ties to World Liberty Financial raises questions of conflict of interest.<\/p>\n

It is worth noting that the crypto community is overwhelmingly in support of CZ, with most users urging CZ to go ahead with the defamation lawsuit against Bloomberg.<\/p>\n

CZ\u2019s lawsuits against Bloomberg and other media<\/h2>\n

CZ has sued media agencies multiple times before. He sued Modern Media, a Hong Kong publisher for Bloomberg, for its July 6, 2022 magazine article alleging that CZ was operating a ponzi scheme. It\u2019s worth noting that Bloomberg itself was not a party in the lawsuit.<\/p>\n

In July last year, Modern Media issued an apology<\/a> to CZ and Binance after it lost a two-year long legal battle. The news agency retracted the report titled \u201cChangpeng Zhao\u2019s Ponzi Scheme,\u201d calling the headline \u201cfalse and baseless.\u201d At the time, Modern Media agreed to donate an agreed sum in lieu of paying damages.<\/p>\n

Prior to the 2022 lawsuit, CZ had also sued Forbes in 2020 for a report alleging that Binance facilitated money laundering and deceived financial regulators. CZ, however, dropped<\/a> the lawsuit in 2021. In 2022, Binance made a $200 million investment<\/a> in Forbes.<\/p>\n

CZ has also denied claims by other media outlets before. In April, CZ refuted<\/a> a Wall Street Journal report alleging that he had agreed to testify against Tron founder Justin Sun as a smear campaign.<\/p>\n

Mentioned in this article<\/h6>\n
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Latest Hong Kong<\/span> Stories<\/h5>\n<\/div>\n
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Press Releases<\/h5>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n

Read More<\/a>
\n Monika Ghosh<\/p>\n","protected":false},"excerpt":{"rendered":"

CZ threatens to sue Bloomberg over report linking Binance to Trump-backed USD1 stablecoin Monika Ghosh \u00b7 2 days ago \u00b7 2 min read A Bloomberg report claimed that Binance developed the smart contract code powering USD1 stablecoin; CZ dismissed it as \u201canother hit piece.\u201d 2 min read Updated: Jul. 13, 2025 at 1:28 am UTC<\/p>\n","protected":false},"author":1,"featured_media":862458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[963,24351],"tags":[],"class_list":{"0":"post-862457","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bloomberg","8":"category-threatens"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/862457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=862457"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/862457\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/862458"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=862457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=862457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=862457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}