Coinbase Fires Back: Denies Being Source of Explosive Bloomberg Report on Binance and World Liberty Financial

Coinbase just dropped a truth bomb—categorically denying any involvement as the source for Bloomberg's controversial Binance-World Liberty Financial exposé. The crypto giant's rebuttal cuts through the noise like a laser through regulatory paperwork.

Behind the Headlines: A Clash of Titans

While Bloomberg's report sent shockwaves through crypto circles, Coinbase's swift denial throws gasoline on the fire. No evidence suggests the exchange leaked documents—but in this high-stakes game of financial telephone, everyone's watching their backs.

The Irony Department: Wall Street's Favorite Pastime

Nothing unites traditional finance and crypto like a good old-fashioned blame game. As usual, the only winners here are the lawyers—billing hours while the industry fights over who spilled the beans.

Zhao criticizes Bloomberg over the story, threatens to sue for defamation

Meanwhile, the story causing the controversy is a Bloomberg publication that claimed that Binance developed the smart contract for the recently launched stablecoin USD1.

USD1 was launched by World Liberty Financial, a crypto project supported by the TRUMP family.

Bloomberg further claimed that the creation of the stablecoin and its use for the $2 billion investment in Binance UAE sovereign fund are all connected to Zhao’s attempts to get a presidential pardon. USD1 has a circulating supply of $2.20 billion, with Binance holding around $2 billion.

However, Zhao has criticized the Bloomberg story as a hit piece and even suggested that a competitor sponsored it. The crypto billionaire added that he might sue Bloomberg for defamation again, referencing his previous lawsuit against the media house in 2022, which led to the company publishing an apology.

Zhao has never hidden his disdain for Bloomberg and several other mainstream publications, noting that they mostly spread false claims about the crypto industry and himself. The former Binance founder confirmed some weeks ago that he had applied for a presidential pardon, noting that he used the stipulated process and has never met the US President.

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