According to local media reports, CZ filed a defamation case against Modern Media, the publisher of the traditional Chinese-language version of Bloomberg Businessweek, in Hong Kong High Court on Monday.
The case originates from an article published on July 6, or the 250th issue, by Bloomberg's affiliate Modern Media firm that slandered Zhao's image. The media outlet's original article headline was “Can Crypto's Richest Man Survive the Cold？” However, the complaint claimed that the context in Bloomberg Businessweek's Chinese Edition was incorrect and depicted Zhao as running a Ponzi Scheme.
According to Zhao's legal representative, Bloomberg's Chinese subsidiary's headline design was intended to incite anger, contempt, and mockery for the world's richest crypto billionaire.
According to Zhao's defense, Modern Media is a prominent publication with a wide reach in Hong Kong. The revelation harmed his public image in the cryptocurrency world and other corporate circles, causing grief and shame.
Zhao has requested that Modern Media withdraw the defamatory remarks on the post, as well as a written apology and compensation, including aggravated damages, through his counsel.
Separately, CZ has filed a demand for discovery against Bloomberg L.P. and Bloomberg Inc. in the United States District Court for the Southern District of New York for defamation based on the original profile piece published in June.
This is not the first time CZ has gone to court in order to safeguard the reputation of his own brand and the Binance exchange.
Binance sued Forbes Media LLC in November of last year, alleging that a story by reporter Michael del Castillo and contributor Jason Brett contained false charges about the cryptocurrency exchange. Binance demanded that Forbes pay damages and remove the story.
Binance voluntarily abandoned the complaint against the century-old business newspaper in February of this year, with no strings attached. Binance also invested $200 million in 104-year-old publication Forbes same month to enhance the media company's digital ambitions. The transaction was part of Forbes' bigger effort to become a publicly traded corporation.
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