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CZ refutes claims in latest WSJ article on Trump-linked crypto dealings

Binance co-founder and former CEO Changpeng “CZ” Zhao has pushed back against a report in The Wall Street Journal, calling it a “hit piece” filled with inaccuracies and negative assumptions. 

In an X post, Zhao criticized the publication’s portrayal of his alleged involvement with World Liberty Financial, the decentralized finance project backed by a business entity affiliated with US President Donald Trump. Trump’s sons — Eric and Donald Jr. —are involved in the management of the company.

Zhao said the WSJ article portrayed him as acting as a “fixer” for the WLF team and its co-founder Zach Witkoff during foreign trips. 

The article suggested Zhao facilitated introductions and meetings for WLF leaders during foreign trips, including a visit to Pakistan that reportedly resulted in a memorandum of understanding with a local official.

“I am not a fixer for anyone,” Zhao said, firmly denying that he connected Pakistani official “Mr. Saqib” with WLF or organized any engagements abroad. “They had known each other way back, whereas I only met with Mr. Saqib for the first time in Pakistan.” 

CZ refutes claims in latest WSJ article on Trump-linked crypto dealings
Source: Changpeng Zhao

WSJ reports on Steve and Zach Witkoff

Zhao’s response follows a WSJ investigation highlighting a complex string of diplomatic and business interests involving WLF. 

The report raised concerns about the blurred lines between public duties and private interests and focused on diplomatic and business dealings involving WLF co-founders Steve Witkoff and his son, Zach Witkoff. Steve Witkoff serves as the US Special Envoy to the Middle East under the Trump administration, while Zach Witkoff has been involved in securing a reported $2 billion crypto deal.

The report raised questions about whether diplomatic efforts overlapped with private crypto ventures, and implied Zhao may have been attempting to curry favor with the Trump administration

On May 6, Zhao confirmed that he is seeking a pardon from the Trump administration for his earlier money laundering conviction. 

The report also highlighted that WLFI, which raised over $600 million in token sales, does not disclose the names of all its investors aside from some publicly known ones like Tron founder Justin Sun, who attended Trump’s memecoin dinner on May 22. 

Trump hosted the dinner for the largest investors of his Official Trump (TRUMP) memecoin. Sun, Magic Eden CEO Jack Lu and BitMart CEO Sheldon Xia were among attendees and shared photos of the event.

Related: Binance scores legal win as UK court partially dismisses Bitcoin SV lawsuit

Zhao claims the WSJ report is an “attack” on crypto 

Zhao claimed the WSJ submitted a list of questions containing what he described as “wrong and negative assumptions.” He and his public relations team responded by pointing out several factual inaccuracies, he said, but concluded that the article was “built on a flawed narrative.”

Zhao slammed the WSJ, calling it a “mouthpiece” for anti-crypto forces in the United States. He said the forces behind the publication want to hinder efforts to make the US a crypto capital. 

“They want to attack crypto, global crypto leaders and the pro-crypto administration,” CZ claimed, saying the article is part of a broader effort to stifle the industry’s growth in the US.

This is not the first time Zhao has clapped back at the WSJ recently. In an April 11 report, the publication cited anonymous sources alleging that Zhao agreed to testify against Tron founder Justin Sun as he settled with US prosecutors. 

CZ dismissed the report, saying that people who become government witnesses don’t go to prison and are protected. CZ also claimed that someone paid WSJ employees to smear his name.

Magazine: Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express

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Baroness Mone should resign from Lords, after order to pay back £122m over COVID PPE

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Baroness Mone should resign from Lords, after order to pay back £122m over COVID PPE

Michelle Mone should resign from the House of Lords, a senior Conservative MP has told Sky News.

Speaking to Sky News, shadow energy secretary Claire Coutinho said Baroness Mone of Mayfair should do the “honourable thing” and “resign” as a member of the House of Lords.

Yesterday the Mone-linked firm PPE Medpro was ordered to pay close to £122m of taxpayer cash back to the government after it was found to have breached a contract for supplying PPE during the COVID pandemic.

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The Department of Health and Social Care (DHSC) brought the case, saying it provided 25 million “faulty”, non-sterile gowns.

Baroness Mone was a Tory peer, although she currently has the whip suspended, meaning she isn’t a member of the official grouping in the chamber.

Speaking to Wilf Frost, Ms Coutinho said: “We’ve taken away the Conservative whip, she’s no longer a Conservative peer.

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“And I think the honourable thing to do, particularly in light of this, would be to resign.”

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Coutinho says Mone should resign

Removing a peerage from someone requires an act of parliament, although members of the House of Lords can be permanently excluded by a vote in the upper chamber if an investigation finds they have committed wrongdoing.

Currently, the parliamentary investigations into Baroness Mone are paused while other inquiries – including from the National Crime Agency – play out.

In her interview with Sky News, Ms Coutinho emphasised that it was the last Conservative government that started the lawsuit against PPE Medpro.

She defended the procurement methods employed by the government during the pandemic – saying it was an “incredibly frantic environment”.

Taking decisions quickly also led to successes like the vaccine rollout, Ms Coutinho added.

But she said the public was “rightly disgusted” by some of the outcomes including people who “didn’t live up to their promises and pocketed huge amounts of money”.

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£122m bill that may never be paid

Read more:
Can PPE Medpro afford the bill?
Mone accuses government of ‘scapegoating’

PPE was a consortium led by Baroness Mone’s husband, businessman Doug Barrowman, and was awarded the government contract after she recommended it to ministers.

The legal hearing between the business and the government was centred on the 25 million surgical gowns PPE Medpro sold to the NHS for £122m, rather than the way the contract was awarded.

The judge found the gowns were not sterile and deemed this a breach of contract.

Baroness Mone was given a peerage by Lord David Cameron when he was prime minster, having worked as an entrepreneur running a lingerie firm.

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Mr Barrowman incorporated PPE Medpro on the same day in May 2020 that Baroness Mone began using her political contacts – including to Tory minister Michael Gove – to bring the firm to the government’s attention.

The day before the judgement was handed down this week, PPE Medpro was put into administration, meaning recovery will be handled by the administrator, not Mr Barrowman.

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Finances feeling tight? New figures on disposable income help explain why

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'A disaster for living standards': We now have just £1 more of disposable income than in 2019

Monthly disposable income fell by £40 per person between Boris Johnson’s election victory in December 2019 and Rishi Sunak’s defeat in July 2024.

It is the first time in recorded British history that disposable income has been lower at the end of a parliamentary term than it was at the start, Sky News Data x Forensics analysis reveals.

Disposable income is the money people have left over after paying taxes and receiving benefits (including pensions). Essential expenses like rent or mortgage payments, council tax, food and energy bills all need to be paid from disposable income.

Previously published figures showed a slight improvement between December 2019 and June 2024, but those were updated by the Office for National Statistics on Tuesday.

There has been an uplift in the last year, although we’re poorer now than we were at the start of the year, and today we only have £1 more on average to spend or save each month than we did at the end of 2019.

That represents “an unmitigated disaster for living standards”, according to Lalitha Try, economist at independent living standards thinktank the Resolution Foundation.

Have things gotten better under Labour?

Disposable income has increased by £41 per person per month since Labour took office in July 2024. However, that masks a significant deterioration in recent months: it is lower now than it was at the start of 2025.

In the first six months of Labour’s tenure, disposable income rose by £55, a larger increase than under any other government in the same period. In part, this was down to the pay rises for public sector workers that had been agreed under the previous Conservative administration.

But the rise also represents a continuation of the trajectory from the final six months of the outgoing government. Between December 2023 and June 2024, monthly disposable income rose by £46.

That trajectory reversed in the first part of this year, and the average person now has £14 less to spend or save each month than they did at the start of 2025.

Jeremy Hunt, Conservative chancellor from October 2022 until the July 2024 election defeat, told Sky News: “The big picture is that it was the pandemic rather than actions of a government that caused it [the fall in disposable income].

“I clawed some back through (I know I would say this) hard work, and Labour tried to buy an instant boost through massive pay rises. The curious thing is why they have not fed through to the numbers.”

The £40 drop between Mr Johnson’s electoral victory in 2019 and Mr Sunak’s loss in 2024 is roughly the same as the average person spends on food and drink per week.

By comparison, since 1955, when the data dates back to, living standards have improved by an average of £115 per month between parliamentary terms.

Vital services, things like energy, food and housing, that all need to be paid for out of disposable income, have all increased in price at a faster rate than overall inflation since 2019 as well.

This means that the impact on savings and discretionary spending is likely to be more severe for most people, and especially so for lower earners who spend a larger proportion of their money on essentials.

Responding to our analysis, the Resolution Foundation’s Lalitha Try said: “Average household incomes fell marginally during the last parliament – an unmitigated disaster for living standards, as families were hit first by the pandemic and then the highest inflation in a generation.

“We desperately need a catch-up boost to household incomes in the second half of the 2020s, and to achieve that we’ll need a return to wider economic growth.”

Analysis by the Joseph Rowntree Foundation, which also takes into account housing costs, says that disposable income is projected to be £45 a month lower by September 2029 than it was when Labour took office.

We approached both Labour and the Conservative Party for comment but both failed to respond.

Read more:
Is PM making progress towards his key policies?

How are Labour performing in other areas?

Labour have made “improving living standards in all parts of the UK” one of their main “missions” to achieve during this parliament.

Sam Ray-Chaudhuri, research economist at the Institute for Fiscal Studies, told Sky News: “Labour’s mission to see an increase in living standards over the parliament remains a very unambitious one, given that (now) almost every parliament has seen a growth in disposable income.

“Doing so will represent an improvement compared with the last parliament, but it doesn’t change the fact that we are in a period of real lack of growth over the last few years.”

As well as the living standards pledge, the Sky News Data x Forensics team has been tracking some of the other key promises made by Sir Keir and his party, before and after they got into power, including both economic targets and policy goals.

Use our tracker to see how things like tax, inflation and economic growth has changed since Labour were elected.

The policy areas we have been tracking include immigration, healthcare, house-building, energy and crime. You can see Labour’s performance on each of those here.

Click here to read more information about why we picked these targets and how we’re measuring them.


The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.

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Living standards are stalling – and the signals are flashing red for the prime minister

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Living standards are stalling - and the signals are flashing red for the prime minister

Labour swept into government with a promise of economic growth.

That promise contained another, more important, promise: this growth would unlock prosperity for ordinary people.

The government made it a mission to raise living standards in every part of the country.

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How did the PM perform at conference?

Politicians know all too well that most people want to feel like they’re getting on in life. They want to get on the housing ladder. They want to be able to start a family, have a comfortable retirement or pass something on to their loved ones.

When this doesn’t happen, politicians often take the blame.

So, the promise to raise living standards is an important one in politics but it is not an ambitious one. Outside of the last parliament, which was plagued by COVID and an inflationary crisis, every post-war government has managed it. Will Sir Keir Starmer?

New analysis by the Sky News Data x Forensics team is sobering. Disposable incomes – that’s average income after tax – are barely higher than they were in 2019.

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We are only £1 a month better off now than we were before the pandemic.

Pic: iStock
Image:
Pic: iStock

Labour got off to a good start. The Tories, in their final year, oversaw a £126 increase in disposable incomes (adjusted for inflation), determined as they were to get a grip on inflation.

The new government built on that by boosting earnings for public sector workers – including rail workers and doctors – who received chunky pay rises. However, the country is now going backwards. In the first six months of the year, disposable incomes have fallen by £43.

So, after a year in government, the signals are flashing red for the prime minister.

Not only are incomes stalling, but it comes after a long period of growing wealth inequality. The share of assets, such as property, owned by the richest in society is growing. No wonder people feel they can’t catch up.

Read more from Sky News:
The supercommuters taking 24-hour journeys to the office
US government shuts down after last-ditch funding votes fail

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Inflation up: the bad and ‘good’ news

The problems are clear, but the solutions are more difficult.

The government also came into office with a promise to fix public services, without going on a borrowing spree. That means taxes have to play a part.

Labour promised it wouldn’t raise taxes on working people (income tax, national insurance or VAT) but it hasn’t cut them either.

Taxes are still at a generational high. This is eating into our pay packets and, in turn, living standards. This is before rents, utility bills and food take their share.

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Darren Jones fails to rule out income tax or VAT hikes

Meanwhile, Labour’s decision to raise money through business taxes is putting further pressure on inflation, as prices in the shops go up.

That means our money isn’t going as far as it could be. The prospect of further tax rises in the budget won’t help matters. But what alternatives does the government have?

More borrowing is risky. Cuts to public services are unpalatable. Economic growth – which could unlock pay rises – has been promised but may take time to bear fruit.

Better productivity is an eternal puzzle. The government could always tax differently, by targeting the wealthy, but the government seems to be worried that money could leave the country.

It’s a difficult bind and, if the government fails to turn things around, incomes risk slipping this parliament. That would be a disaster for Sir Keir Starmer.

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