Bloomberg Chinese publisher issues public apology to Binance, the 2022 cover story "Zhao Changpeng's Ponzi Scheme" was a mistake

In 2022, amidst the tail end of the cryptocurrency bull market, an article was published by Bloomberg Businessweek on June 24th. The original English title was "Can Crypto’s Richest Man Stand the Cold?", but Bloomberg Chinese published it with a more sensational title: "Zhao Changpeng's Ponzi Scheme". This led Zhao Changpeng, the CEO of Binance at the time, to file a lawsuit against the publisher of Bloomberg Chinese - Modern Media.

In 2022, the cryptocurrency bull market is coming to an end. An article was published by Bloomberg Businessweek on 6/24 titled "Can Crypto’s Richest Man Stand the Cold?", but the Chinese version of Bloomberg published a more sensational headline: "Zhao Changpeng's Ponzi Scheme," which prompted Zhao Changpeng, the former CEO of Binance, to sue the publisher of Bloomberg Chinese version - Modern Media.

The Modern Media Group has officially apologized to Binance, but even the apology notice contained spelling errors.

Binance founder Zhao Changpeng sues Bloomberg for defamation: Interview turned into slander, content deliberately distorted

Bloomberg Businessweek Chinese version apologizes to Binance, misspells the name

The Modern Media Group stated that on July 6, 2022, they made a serious mistake by publishing a false and unfounded cover title "Zhao Changpeng's Ponzi Scheme," hence retracting such offensive statements and apologizing to Zhao Changpeng and Binance.

A spokesperson for Binance stated: "We are pleased to see the false allegations being retracted. We will continue to focus on providing the best services and innovations to users, while also setting an example to ensure the health and sustainable development of the industry."

Interestingly, in the Chinese statement by the Modern Media Group, Zhao Changpeng's name was mistakenly written as "Zou" Changpeng.

Although the incident has passed, and subsequent events such as the FTX incident occurred, Zhao Changpeng also exited the main stage of Binance. However, it is evident that during the cryptocurrency boom at that time, the media harbored malicious intent and many misunderstandings towards cryptocurrency.