Binance CEO lashes out at Chinese media site 163 for spreading bogus news on Binance to generate FUD. Binance CEO Changpeng Zhao (CZ) lashed out in a thread on his Twitter account.
Binance CEO Lashes Out At Chinese Media
The CEO reminded the audience that three years ago, the crypto news site The Block spread similar news about Binance by publishing an article with a deceptive title.
CZ discovered the bogus news from 163 around 8:40 UTC on August 18. Five hours later, he wrote a thread blaming 163 and subsequently the Block for creating FUD and demonstrating how the BNB price had reacted. He further mentioned that while the original article from 163 was removed, numerous copies of it remained on the internet.
Fake News 163
The following is what news source 163 posted in his thread:
“Changpeng Zhao, the founder of Binance, was arrested in the mansion during the FBI raid, and a room of BNB and BUSD was found in the basement of the mansion.”
The ludicrous allusion to a “room full of BNB,” according to CZ, should have alerted that the story was phony, yet it spread swiftly on the internet and social media groups.
As soon as the phony news became public, the BNB price dropped over 3%, from $310 to $301. The price began to recover an hour following the drop. At the time of publication, BNB was trading at $303,4.
CZ closed his discussion by noting that three years ago, the worldwide crypto news portal The Block disseminated FUD, causing the BNB price to collapse from $24 to $18, wiping away around $400 million from the market value.
Although he did not reveal the specifics of The Block’s report, CZ stated that the headline disseminated misinformation by implying that the authorities “raided” the Binance headquarters. According to CZ, this report circulated swiftly as well, and The Block only amended the title three days later to “visit by authorities.”
Binance
Many exchange titans have struggled through the harshest winter in crypto history. According to the article, Binance appears untouched by the cold weather.
According to a recent study, Binance’s Bitcoin holdings began to rise in May 2022, reaching over 623,000 Bitcoins.
The exchange is also investing and employing new workers as if market conditions are ideal. According to CZ, Binance can even buy exchanges that are experiencing financial difficulties as a result of the cold weather.
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