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CZ Speaks Out “Denounce” Chinese Media

CZ Speaks Out "Denounce" Chinese Media

Binance CEO Changpeng Chao (CZ) lashed out at the prominent Chinese news site 163 for broadcasting bogus news on Binance to generate FUD in a thread on his Twitter account.

Binance CEO Changpeng Zhao

The CEO also reminded the audience that three years ago, the worldwide crypto news site The Block propagated FUD about Binance by publishing an article with a deceptive title.

CZ discovered the bogus news from 163 at 8:40 UTC on August 18. Five hours later, he wrote a thread blaming 163 and later 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, many copies of it remained on the internet.

According to his thread, the news source 163 wrote:

“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 news was phony, yet it spread swiftly on the internet and social media groups.

As soon as the fake news spread, the BNB price fell almost 3%, from $310 to $301. An hour after the fall, the price started to bounce back. At press time, BNB is being traded for $284.

BNB daily chart. Source: CoinCu

Changpeng Zhao 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 out around $400 million from the market cap.

Although he did not reveal the specifics of The Block’s report, Zhao stated that the title 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.”

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.