news 
CZ Threatens Legal Action Against Bloomberg Over Report Linking Binance to Trump-Backed Stablecoin
In a recent post on X, Changpeng Zhao, the founder of popular cryptocurrency exchange Binance, threatened to take legal action against news agency Bloomberg over its report alleging a link between his company and the USD1 stablecoin. The latter is backed by World Liberty Financial, a firm tied to former US President Donald Trump.
According to CZ, the article in question contains numerous factual errors that he cannot fathom where to begin, leading him to speculate about the potential motivations behind the report. “Might have to sue them again for defamation,” he hinted in his social media post.
The Bloomberg report claims that Binance developed the smart contract code powering USD1 stablecoin, a claim CZ has dismissed as “another hit piece” sponsored by a competitor, without naming any specific entity. The exchange founder believes this article is merely an attempt to instill fear, uncertainty, and doubt (FUD) within the crypto community.
It remains unclear whether Binance did indeed develop the code powering USD1 or not, although CZ has taken issue with the report’s veracity and motivations.
Source: cryptoslate.com
