Amid the swirling mists of the crypto cosmos, Binance’s co-founder and erstwhile helmsman, Changpeng “CZ” Zhao, has emerged from the shadows to refute a Bloomberg report that dared to link him to a stablecoin, USD1, issued by the enigmatic World Liberty Financial (WLF), a crypto entity with ties to the former President of the United States, Donald Trump. 🌌
In a spirited rebuttal on X, Zhao branded the article a “hit piece (sponsored by a competitor)” riddled with “so many factual errors” that he “doesn’t even know where to begin.” With a hint of a smile, he added, “Might have to sue them again for defamation.” 📜
The Bloomberg report, with all the subtlety of a sledgehammer, claimed that Binance was the architect behind the original smart contract code for USD1, a stablecoin born from the loins of World Liberty Financial, a company with a lineage tracing back to the Trump dynasty. 🏛️
It further alleged that Zhao, in a move that could only be described as audacious, applied for a presidential pardon shortly after USD1 was used in a $2 billion deal involving a UAE-based fund’s investment in Binance. The report suggested that more than 90% of USD1’s tokens remain nestled in Binance wallets, potentially generating tens of millions in annual interest revenue. 💰
Bloomberg’s False Binance Ponzi Claims
Zhao’s tweet, a veritable symphony of sarcasm, referenced a previous legal skirmish with Bloomberg, linking to a July 2024 apology from the publication’s Chinese-language edition. The statement retracted a 2022 article that accused Binance of operating a Ponzi scheme, labeling the headline “false and baseless.” In a twist of fate, Bloomberg opted to make a charitable donation instead of paying damages. 🙏
Zhao, in a moment of candor, pleaded guilty to one felony count as part of a settlement with US authorities in 2023. Despite having already served four months in prison, he announced in May that he was seeking a presidential pardon from Trump. Such a pardon, if granted, could potentially allow Zhao to return to a managerial or operational role at a US crypto business. 🏦
Trump’s foray into the crypto realm, including World Liberty Financial, his official memecoin, and crypto executive campaign contributions, has been a source of scrutiny from US lawmakers since before he took office. Republican leaders in the House are set to consider three crypto bills, including the GENIUS Act, which aims to regulate payment stablecoins. The bill, despite initial Democratic opposition fueled by Trump’s crypto interests, passed the Senate with bipartisan support. 📜
Zhao’s Beef with WSJ
In April, Zhao also dismissed a Wall Street Journal report that claimed he had agreed to provide evidence against Tron founder Justin Sun as part of a plea deal with the United States Department of Justice. “WSJ is really TRYING here. They seem to have forgotten who went to prison and who didn’t,” Zhao wrote in an April 12 X post. “People who become gov witnesses don’t go to prison. They are protected. I heard someone paid WSJ employees to smear me.” 🕵️♂️
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2025-07-12 13:41