Binance CEO CZ criticizes The Block and Chinese Media for Promoting Falsehood

The CEO of Binance explained in a thread that, similar to the worldwide crypto news site Block three years prior, the influential Chinese news outlet 163 was promoting FUD by publishing false information.

The CEO of the world’s largest cryptocurrency exchange, Changpeng Chao (CZ), blasted the big Chinese news outlet 163 for releasing false information about Binance to sow dissent on Twitter.

The CEO also reminded the audience that three years ago, The Block, a worldwide cryptocurrency news outlet, disseminated misinformation about Binance by publishing an article with a deceptive title.

At 8:40 UTC on August 18, CZ learned of the false information from 163. Five hours later, he published a thread in which he attacked 163, then the Block, for disseminating false information and demonstrated how the BNB price had reacted. He added that the original article from 163 was deleted, but several copies of it might still be seen online.

 

False news on 163

His thread quotes the news source 163 as saying:

“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.”

According to CZ, the absurd allusion to a “room full of BNB” should have served as a warning that the story was false, but it nonetheless spread swiftly on the internet and through social media groups.

Chart: Bnb Vs Usd. Source: Tradingview.com
Chart: BNB vs USD. Source: tradingview.com

 

The BNB price dropped from $307 to $283, approximately 7.5%, as soon as the phony news started circulating.

CZ closed his thread by claiming that The Block also disseminated FUD three years ago, causing the price of BNB to drop from $24 to $18, wiping out almost $400 million from the market cap.

CZ claimed that The Block’s post propagated FUD by claiming that the police “raided” the Binance headquarters, even though he withheld specifics from the reader. This item, too, circulated swiftly, claims CZ, and The Block didn’t change the title to “visit by authorities” until three days later.

 

Binance Withering the Crypto Winter

Many of the largest exchanges have struggled over the harshest winter in cryptocurrency history. However, based on the story, Binance doesn’t appear to be impacted by the cold weather.

According to a recent report by Cryptoannals, Binance’s Bitcoin holdings began to increase in May 2022 and eventually surpassed 623,000.

As if the market circumstances are preem, the exchange is also continuing its investments and adding new personnel. CZ claims that Binance can even buy exchanges that are struggling financially due to the winter weather.

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