Bloomberg Businessweek issued a statement apologizing for publishing a false and unfounded cover titled "Changpeng Zhao's Ponzi Scheme" in its 250th issue (July 6, 2022).

The initial title was "Can Crypto's Richest Man Stand the Cold?" but was later changed by his Hong Kong publisher.

CZ then sued Bloomberg for defamation.

The editors apologized, withdrew their statements, and reportedly donated an undisclosed agreed upon sum to the Songzi Special Education Foundation, Hubei Province.