CZ Alleges FTX Paid to Publish Binance FUD
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An editor at Coincrop
25 Jan 2023 | 3 min read
ecently, during an "Ask Me Anything" (AMA) session with Binance's CEO on Twitter, it was declared that FTX had allegedly paid $43 million to news companies for the publication of "Fear, Uncertainty, and Doubt" (FUD) concerning both Binance and artificial intelligence in cryptocurrency.
During a recent Twitter Space talk, Binance CEO Changpeng (CZ) Zhao accused FTX of paying an estimated $43 million to an online crypto news source that routinely releases negative stories about Binance.
CZ maintains that those in short positions attempt to craft negative news stories so their trades may be more successful. As a result, CZ has no issue with cryptocurrency skeptics such as Peter Schiff voicing their opinions, since "they don't get it; they don't understand it."
Yet, he confessed to taking note of the detrimental press purportedly financed by FTX. Binance CEO CZ applauded individuals for having autonomy and the ability to make their own decisions, stating that "people are pretty smart today... most people are no longer fooled by clickbait titles."
CZ revealed that Binance has integrated Artificial Intelligence (AI) into many of its operations (approximately 75%) such as customer service, risk management, transaction overviewing, fraud discovery, and market manipulation perception. With the help of this advanced technology, Binance is able to provide a smoother experience for its customers while at the same time protecting them from fraudulent activities or market turmoil.
CZ anticipates that AI technology will be even more extensively used within the blockchain space in order to analyze data and identify potential risks.
Accurate risk management was integral to the collapse of numerous crypto exchanges and lending services in 2022. If AI can be utilized effectively, it will be a game-changer for blockchain projects when it comes to mitigating the risks associated with intricate, on-chain systems.
MikeAn editor at Coincrop
Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.
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