Binance co-founder and former CEO Changpeng “CZ” Zhao has rejected a recent Bloomberg report linking to Stablecoin published by World Liberty Financial (WLF), one of the crypto companies associated with President Donald Trump.
In a post with X’s response to the survey, Zhao “don’t even know where to start” because he is filled with “so many de facto errors” that he called the article a “hit work (hosts from competitors).” He added, “We may have to sue them again for defamation.”
A Bloomberg report claimed that Binance had developed the original smart contract code for USD1, a stablecoin issued by World Liberty Financial, which is affiliated with former President Donald Trade.
It also alleged that Zhao applied for a presidential pardon shortly after USD1 was used in a $2 billion transaction, which included investments in the UAE-based fund’s vinance. More than 90% of USD1 tokens reportedly remain in Binance wallets, potentially generating tens of millions of people in annual interest income.
Related: “Is this true?” CZ asks UAE Golden Visa in Ton as government sources remain silent
Bloomberg’s false vinan sponge claims
Zhao’s tweets refer to a previous legal dispute with Bloomberg and link to a July 2024 apology from the Chinese version of the publication.
The statement retracted a 2022 article accusing the headline of being an operation of the Ponzi scheme, calling it “false and unfounded.” At the time, Bloomberg agreed to make a charitable donation in exchange for compensation.
Zhao pleaded guilty to one felony count in 2023 as part of a settlement with US authorities. He had already served in prison for four months, but in May he said he was seeking presidential pardon from Trump. Such amnesty could allow Zhao to return to his management or operational role in US cryptocurrency.
Trump’s crypto venture, including World Liberty Financial, his official Memecoin and contributions to the Crypto Executive Campaign, attracted scrutiny from US lawmakers even before he took office.
House Republican leaders will consider three crypto bills, including the Genius Act, which regulates payment stability. The bill passed the Senate with bipartisan support despite initial democratic opposition in the interests of Trump’s code.
Related: Binance’s ties with the Kenya cryptographic committee raises monopoly concerns: Report
Zhao’s beef and WSJ
In April, Zhao also rejected a Wall Street Journal report that claimed he had agreed to provide evidence against Tron founder Justin San as part of a plea agreement with the U.S. Department of Justice.
“The WSJ is really trying here. They seem to have forgotten who went to prison, who didn’t,” Zhao wrote in the X-Post on April 12th. “No one who will be a government witness will go to prison. They are protected. I heard someone paid a WSJ employee to paint me.”
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