Forbes invests $200 Million in Binance just two years after it was sued for defamation

Legacy media are starting to take Web3 money.

Forbes invests $200 Million in Binance just two years after it was sued for defamation

Forbeshas revealed that Binance, "one the largest cryptocurrency and blockchain infrastructure provider in the world," has made a $200 million investmentto own a portion of an "iconic brand of business information". This money is part a $400 million private equity (PIPE), arrangement for Forbesto become public by merging or SPAC.

This deal is a significant milestone that shows how Web3 companies have reached their "let’s buy a multimedia outlet" moment. It's kind of like Time Warner/AOL or AT&T/Time Warner or Verizon/AOL or...

This arrangement brings Binance together with Forbes. Binance sued the media outlet in 2020 for defamation, claiming that it suffered millions of losses due to an article suggesting Binance's "elaborate corporation structure" was "designed intentionally deceive regulators, and surreptitiously benefit from crypto investors in America." The article remains accessible on Forbes.com. According to the company , Binance believes that the Forbes article of October 29, 2020 was false and misleading.

Forbesis also home to many articles by Razzlekhan (aka the Crocodile of Wall Street aka Heather Morgan), who was arrested this week by the Department of Justice for attempting to launder $3.6 million of Bitcoin stolen from Bitfinex.

Binance's press release doesn't hide why it might invest. CEO Changpeng Zhao (CZ) suggests that it is about buying influence. He stated, "As Web3 technology and blockchain technologies advance and the crypto market becomes mature we know media is an integral element to build widespread consumer understanding.

Zhao hesitated when asked about investing in light Morgan's arrest in a separate interview with CNBC. She also noted that not all news agencies are open for investments, while also pointing out that Forbes' reputation, brand, and influence are strong enough to outweigh "one contributing writer" who is a hacker in her secret life.


 

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