Binance will sue The Block for false news reporting as the CEO of the platform Changpeng Zhao noted on Twitter, after the Chinese ‘’police raid’’ on the exchange’s offices as we read previously in the Binance news.
The recent report by The Block claimed that Binance’s China office got raided by the police which actually never happened according to the CEO of the exchange Changpeng Zhao. Now, Binance will sue as CZ called out the crypto media outlet on Twitter demanding an apology for the major mistake. CZ’s response came as a response on another tweet posted by Misha Lederman who stated that Frank Chaparro who is the news director of the Block planed to address the usage of objectionable language in the story that he had reported about the raid.
Lederman also commented about the story calling it ‘’very poor journalism’’ and admitted that the reputation of Binance was damaged but also influenced the entire crypto industry as well. To that, Binance’s CEO added that the fake news also affected BTC’s price and that the block is now trying to save its face by changing the perspective. He then asked for the owner of the news media to apologize.
When he was asked whether Binance will sue the block, Zhao confirmed that this was his initial plan since with false or exaggerated claims, a lot can be done to damage someone’s reputation and it is also becoming a serious problem on the internet. There are many outlets that are guilty of their use of strong language that has a goal of attracting clicks. However, the use of such language can be damaging and the damage is quite severe as it was with this case. The credibility of the entire digital asset space is at stake right now due to false reporting.
As reported, Bitcoin took a nosedive in the past few days because of these reports but also because China started a crackdown on crypto trading in Shanghai. The price of the leading cryptocurrency is standing at $7,219 which is about $1,000 lower than what it was earlier this week. The rest of the market followed the drop and resulted in huge price losses for almost all coins.
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