$BTC CZ, from Binance, threatens to sue Bloomberg over a report about Trump's stablecoin.
The co-founder of Binance, CZ, has expressed his rejection towards a Bloomberg report linking him to the USD1 stablecoin backed by Trump and has threatened to take legal action for defamation.
The co-founder and former CEO of Binance, Changpeng “CZ” Zhao, has rejected a recent Bloomberg report that links him to a stablecoin issued by World Liberty Financial (WLF), one of the cryptocurrency companies associated with the President of the United States, Donald Trump.
In a post on X in response to the investigation, Zhao labeled the article as a “defamatory publication (sponsored by a competitor)” filled with “so many factual errors” that “it doesn’t even know where to start.” He added: “Maybe I’ll have to sue them again for defamation.”
The Bloomberg report claimed that Binance developed the original code for the smart contract for USD1, a stablecoin issued by World Liberty Financial, a company affiliated with President Donald Trump.
It also alleged that Zhao requested a presidential pardon shortly after USD1 was used in a $2 billion operation related to an investment from a UAE-based fund in Binance. Reportedly, more than 90% of USD1 tokens remain in Binance wallets, which could generate tens of millions in annual interest income.
