Changpeng Zhao, founder of the cryptocurrency exchange Binance, proposed the creation of a memecoin to uncover sponsors of negative media coverage about the company. This suggestion reflects his ongoing dissatisfaction with how Binance is portrayed in traditional media.
CZ's Memecoin Proposal
In a post on X, Changpeng Zhao mentioned that using a memecoin might assist in finding those behind the negative narratives targeting Binance. He likened this approach to a similar effort involving Malaysian fugitive Jho Low, who used a memecoin to incentivize informants to come forward. Zhao noted:
> "Should we do the same to uncover who is behind (sponsoring) all the recent FUD from Bloomberg, WSJ, and NYT?".
Criticism of Traditional Media
Zhao continues his trend of criticizing traditional media outlets such as Bloomberg, the Wall Street Journal, and the New York Times. He points to the misleading narratives around Binance's internal affairs and links drawn between himself and former President Donald Trump. Zhao has repeatedly rejected these claims, labeling them as misinformation aimed at damaging Binance's reputation.
Reactions to the Statement
As of the time of publication, Binance has not issued an official statement regarding Zhao’s remarks. Although the post has sparked discussion on social media, opinions on the use of a memecoin are divided. Zhao has also threatened legal action against media outlets, yet no legal steps have been taken so far.
Changpeng Zhao's suggestion for a memecoin to uncover sponsors of negative media coverage draws attention to the ongoing conflict between the cryptocurrency industry and traditional media. This proposal could represent an intriguing experiment in information sharing and public perception.
