Changpeng Zhao (CZ), the founder of Binance, recently took to social media to vehemently dismiss a Financial Times (FT) report concerning his investment fund, YZi Labs, and his past legal matters. The crypto titan accused the publication of fabricating information and pushing a negative narrative, sparking a renewed debate over media accuracy in the crypto space.
Challenging Misinformation
CZ directly refuted the FT's assertions that YZi Labs was actively seeking external investors and that he had been charged with "stealing user funds." He clarified that YZi Labs operates independently and was not "spun out" of Binance. Regarding his legal history, CZ emphasized that he pleaded guilty to a single violation of the Bank Secrecy Act (BSA) – failure to maintain an adequate anti-money laundering program – a charge he distinguished sharply from "money laundering" or theft. Ella Zhang, Head of YZi Labs, echoed CZ's frustration, labeling her interview with the FT as a "trap" and asserting that while individual portfolio companies might raise capital, it doesn't imply the fund itself is doing so.
Resilience Amidst FUD
This isn't the first instance of CZ confronting what he perceives as misleading traditional media coverage. He has previously dismissed similar reports from outlets like the Wall Street Journal, often characterizing them as part of an anti-crypto agenda. Despite the ongoing "FUD" (fear, uncertainty, and doubt) generated by such reports, the market sentiment for Binance Coin (BNB) remained remarkably positive. Data indicated that BNB's Weighted Sentiment held firm, with the token even reclaiming the $1,000 mark, underscoring the community's resilience and confidence in the face of negative press.
