CZ set to issue memecoin tracking sponsors of negative media coverage against Binance

Binance founder Changpeng Zhao (CZ) has floated the idea of issuing a memecoin to track down the alleged sponsors of recent negative media coverage targeting the crypto exchange. In a post on X, CZ referenced a similar use of memecoins to get information about Malaysian fugitive Jho Low.

According to Zhao, using memecoin to incentivize informants could also help uncover the alleged sponsors of the fear, uncertainty, and doubts (FUD) spread about Zhao and Binance.

He asked:

“Should we do the same to uncover who is behind (sponsoring) all the recent FUD from Bloomberg, WSJ, and NYT?”.

However, the post did not confirm a launch or provide technical specifics about the memecoin and who will be responsible. Instead, it highlights Zhao’s continued grievances with mainstream media coverage related to Binance’s activity and his relationships.

Zhao noted that the lead investigator in the Jho Low case, Tom Wright, crowdsourced information about the criminal mastermind using a memecoin to encourage informants to come forward with credible data. He did not indicate whether Binance would sponsor such an initiative or whether the suggestion was exploratory.

As of press time, Binance had not released an official statement expanding on CZ’s remarks. The post has gained traction on X, and there are different opinions on its use. Importantly, there has been no response from the media outlets mentioned.

Zhao’s grievance against traditional media outlets

Meanwhile, the recent statement by Zhao continues a trend of criticism by crypto executives against media outlets such as Bloomberg, the Wall Street Journal, and the New York Times for their coverage of the crypto industry and Binance in particular.

Stories from these media houses have reported internal issues at Binance and alleged relationships between Zhao and President Donald Trump. In one such report, Bloomberg claimed that Binance was involved in creating USD1, the stablecoin issued by Trump-backed project World Liberty Financial, which is connected to Zhao’s efforts to get a presidential pardon.

However, Zhao has rejected those claims multiple times, describing them as misleading and ‘attempts to damage’ Binance’s reputation. He even accused competitors of being responsible for the stories and reposted a recent allegation claiming that Coinbase is behind the story.

While Coinbase denied the allegation, Zhao threatened legal action against Bloomberg and other media houses for defamation. However, Binance and Zhao have not yet taken legal action, even though Zhao previously sued Bloomberg in 2022.