Bloomberg Businessweek Retracts 'Binance Founder's Ponzi Scheme' Claim

IconCryptoNewsTerminal Staff16 Jul, 2024

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Bloomberg Businessweek Retracts 'Binance Founder's Ponzi Scheme' Claim

Bloomberg Businessweek's Chinese edition has apologized for a 2021 article that accused Binance founder Zhao Changpeng of running a Ponzi scheme. The magazine acknowledged that the article was published without sufficient basis and has agreed to donate to an educational foundation instead of paying damages. This retraction follows legal action taken by Binance against Bloomberg Businessweek. The company argued that the article was defamatory and caused significant reputational damage. The retraction is a significant victory for Binance and its founder. It sends a message that media outlets will be held accountable for publishing false and damaging information. It is also a reminder of the importance of doing your own research before making investment decisions and the dangers of relying on sensationalist headlines.

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