In times of lightning-fast news and information that spreads like wildfire across the internet, it is increasingly crucial to check and analyze sources before embarking on the information consumption journey. And this week, Changpeng Zhao, the famous CEO of Binance, shed light on a narrative that had been gaining traction.
For those who didn’t catch the story from the beginning: last September 19, a Decrypt article raised questions about a 250 million dollar transaction involving Zhao and BAM Management, the holding company behind Binance.US. According to the report, alleged court documents indicated that Binance.US, through BAM Management, had provided a hefty loan to the CEO. But Zhao didn’t leave this story hanging.
The amount of wrong information is just…
They got the direction wrong. I loaned $250 million to BAM a while back, not the other way around. And have not taken it back. 🤷♂️ pic.twitter.com/encGx1u557
— CZ 🔶 Binance (@cz_binance) September 20, 2023
Denying the claims, Changpeng Zhao went to X, the old Twitter, and brought his version. Instead of receiving the amount, Zhao stated that he was the one who lent the 250 million dollars to BAM Management. The post was accompanied by a screenshot of the original report, highlighting the part of the report that, according to him, was misinterpreted.
In addition to correcting the main misconception, the Binance CEO highlighted that other “misinformation” was embedded in the report. Without going into specific details, he left out that the news was not fully aligned with the reality of the facts.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.