On Elon Musk Lawsuit: CZ Says “Being Sued Doesn’t Mean Guilty”

Following the report that Elon Musk and his firms, SpaceX and Tesla, are being sued for $258 billion over an alleged Dogecoin pyramid scheme, Binance founder and CEO, Changpeng Zhao (CZ), made a comment on Twitter saying; “Being sued does not mean guilty. 2 very different things. Just wanted to point that out.”

Being sued does not mean guilty. 2 very different things. Just wanted to point that out.

— CZ 🔶 Binance (@cz_binance) June 17, 2022

CZ’s comment comes after a cryptocurrency investor has filed a lawsuit against Binance and Changpeng Zhao himself, alleging that the company misrepresented TerraUSD’s status as a secure asset prior to TerraUSD’s collapse last month.

Jeffrey Lockhart, a citizen of Utah, has said that because Binance has not been listed on a United States securities exchange, the cryptocurrency does not have a need to provide information on the assets that are exchanged on the platform.

CZ has also restated his support of Elon Musk’s proposal to acquire Twitter outright in an interview with Bloomberg. Changpeng Zhao has also gone into detail on Binance’s current financial position, indicating that the exchange is more than ready for the bear market.

When compared to the majority of the leading exchanges, Binance stands out as one of the few that are still hiring workers despite the current bear market. In contrast, a number of its rivals, notably BlockFi and Coinbase, are in the process of laying off staff at rates that are ranging from 10% to 20% at press time. Both entities are blaming the layoffs on the effects of the wider macroeconomic environment.