CZ Denies FT's YZi Labs Fund Report, Calls It 'False News'

CZ Denies FT's YZi Labs Fund Report, Calls It 'False News'

Former Binance CEO Changpeng Zhao, widely known as CZ, has recently found himself embroiled in a significant public dispute following a report published by the Financial Times concerning his new Web3 and artificial intelligence (AI) venture, YZi Labs. The article in question alleged substantial financial dealings and fundraising efforts by YZi Labs, prompting a swift and vocal denial from Zhao, who labeled the report as entirely baseless. The Financial Times' piece outlined that Zhao was supposedly preparing to open a formidable $10 billion investment portfolio to external investors. This claim was reportedly bolstered by statements from Ella Zhang, who heads YZi Labs. Zhang was quoted acknowledging considerable interest from potential investors, going so far as to mention that Paul Atkins, Chair of the US Securities and Exchange Commission (SEC), had even requested a private demonstration of the fund's capabilities. Furthermore, the report suggested that YZi Labs' portfoli…