On May 23, Changpeng Zhao (CZ) – the founder and former CEO of Binance – posted a series of harsh criticisms of the prestigious Wall Street Journal (WSJ) on the social media platform X (formerly Twitter). He accused the WSJ of publishing a "targeted hit piece" aimed at distorting the truth and serving hidden agendas to undermine the cryptocurrency industry.

CZ referenced Cunningham’s Law – a famous law in the internet world: "The best way to get the right answer on the internet is not to ask a question, but to post a wrong answer." He believes that the WSJ article is proof of this as it "does not stem from genuine journalistic intent" but is a deliberate effort to mislead public opinion.

Unmasking the false allegations

In the WSJ article, CZ was accused of being a "fixer" for the financial organization World Liberty Financial (WLF), as well as playing a role in connecting foreign officials with this organization. However, he completely denied the information.

"I am not someone who arranges for anyone. I do NOT 'introduce Mr. Saqib to the WLF group.' They already knew each other before, and I only met Mr. Saqib for the first time in Pakistan. I do NOT conduct any 'introductions for foreign trips of World Liberty.'"

CZ also stated that his media team received a list of questions from the WSJ, but according to him, "they are based on false assumptions from the start."

"If it were just a few factual errors, they could be corrected. But when the story is created with negative intent from the outset, it cannot be corrected. The issue lies in the entire story."

WSJ – a "puppet" in the war against crypto?

Not stopping at refuting the content of the article, CZ made a more serious accusation: He claimed that the WSJ is being used as a "megaphone" to serve forces against the cryptocurrency industry.

In a subsequent article, CZ shared that although there is no evidence that the WSJ demanded money to stop the defamation, he heard that reporters were paid to spread negative news. According to him, a large venture capital fund – which has stakes in a U.S. crypto exchange – is actively lobbying to pressure Binance due to competitive concerns.

"The WSJ is just the mouthpiece. There are forces in the U.S. that want to thwart efforts to make this country the center of the crypto industry. They want to attack crypto, attack global leaders in the industry, and even the government that supports crypto."

Support from the community

Many people in the crypto community have spoken out in defense of CZ, arguing that his meetings with leaders of other countries are a normal part of global financial diplomacy and cannot be seen as shady behavior.

CZ's article quickly received widespread support on social media, especially from those who believe that the mainstream media is gradually losing its objectivity and is being influenced by traditional financial forces.

Summary

This incident clearly reflects the growing tension between the cryptocurrency industry and the mainstream media in the U.S. Whether right or wrong still needs time to verify, but CZ's strong "counterattack" once again demonstrates his extensive influence and the weight of his voice in the global crypto space.