CZ is set up to issue MemeCoin tracking that tracks sponsors of negative media coverage against Binance

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Binance founder Changpeng Zhao (CZ) came to the idea of issuing Memecoin to track suspects in recent negative media reports targeting crypto exchanges. In the X post, CZ referenced similar use of memokine to obtain information about Malaysian fugitive Jho Low.

According to Zhao, encouraging informants using Memecoin will also help uncover suspects of widespread fear, uncertainty and doubt (FUD) about Zhao and Binance.

He asked:

“Should we do the same to reveal who is (sponsored) behind everything from Bloomberg, WSJ and NYT?”

However, this post did not confirm the launch of Memecoin and who is responsible or provide technical details. Instead, Zhao highlights his continued complaints about Binance’s activities and mainstream media coverage related to his relationship.

Zhao said Tom Wright, the lead investigator at Jho Low Case, used Memecoin to gather crowdsourced information about criminal masterminds to encourage informants to advance trustworthy data. He did not indicate whether Binance would sponsor such an initiative or whether the proposal was exploratory.

At the time of reporting, Binance had not issued an official statement extending to CZ’s remarks. This post gains traction on the X and there are mixed opinions about its use. Importantly, there were no responses from the media mentioned.

Zhao’s frustration with traditional media outlets

Meanwhile, Zhao’s recent statement continues its trend of criticism of crypto executives of media such as Kleipberg, the Wall Street Journal, and the New York Times.

Stories from these media houses report internal issues in relations and questionable relationships between Zhao and President Donald Trump. In one such report, Bloomberg argued that Vinance was involved in the creation of USD1. This is a stubcoin issued by Trump-backed Project World Liberty Financial, which relates to Zhao’s efforts to obtain a presidential pardon.

However, Zhao rejects these claims multiple times, describing them as Binance’s reputation as misleading and “attempts to cause damage.” He accused his competitors of being responsible for the story and reposted a recent allegation claiming Coinbase is behind the story.

Coinbase denied the allegations, but Zhao threatened legal action against Bloomberg and other media houses for its defamation. However, despite Zhao previously sued Bloomberg in 2022, Binance and Zhao have yet to take legal action.