Binance CEO to sue The Block over alleged fake Shanghai police raid story

Binance CEO to sue The Block over alleged fake Shanghai police raid story
ôîòî ïîêàçàíî ñ : cryptoslate.com

2019-11-23 10:19

On Nov. 21, crypto industry publication The Block released a story entitled “Binance’s Shanghai office shut down following police raid, sources say.” The article quickly blew up on Twitter, with some going as far as to suggest that it contributed to the recent collapse of the Bitcoin price, which now sits at $7,250 as of the time of writing this.

Though, Binance is pushing back. The company’s C-level executives, press relations team, and supporters assert that the story is “pure FUD,” which, for those unaware, stands for fear, uncertainty, doubt. In fact, Changpeng Zhao, the chief executive of Binance, has recently said that Binance will be suing The Block. For what, though, isn’t clear.

What happened?

First pay-walled under The Block’s “Daily” subscription, the now-controversial article claimed that “several sources close to the matter” said that Binance’s Shanghai location, “abruptly closed its doors in recent weeks.” The version of the article with the updated headline—which was released to the public, not pay-walled—didn’t cite a reason, though the original iteration’s headline insinuated that a “police raid” contributed to the shutdown of the office.

As aforementioned, the piece was subject to an immediate backlash from individuals like Wei Zhou, the CFO of Binance, and community members. Zhou claimed that there was no raid as there is no Binance Shanghai location; other executives of the firm quickly followed suit, writing that a raid couldn’t have taken place on a firm that has decentralized operations.

Please squash this rumor. No raid cuz no office! @lawmaster https://t.co/a0jsknrVxK

— Wei (@weizhouBinance) November 21, 2019

Zhao also mentioned that it is a known fact that within the Chinese cryptocurrency scene, individuals, especially in the media, are bribed by companies to FUD competitors in order to gain an edge.

pic.twitter.com/oU6Pcry63k

— CZ Binance (@cz_binance) November 22, 2019

Due to these rebuttals, The Block quickly came under fire from those that support Binance, which spans the entire crypto food chain—from retail traders to executives of industry funds and other media publications.

Related: Binance CEO dismisses Shanghai police raid news as “pure FUD,” says rival crypto

Frank Chaparro, Director of News at The Block, has since released an extensive clarification article, aiming to stabilize this situation. In it, Chaparro asserted that his team stands by a majority of the article, citing reports from Caijing.com that indicated the existence of at least two Shanghai offices of Binance’s. It was added that The Block’s oft-mentioned Binance source, who works closely with the exchange, vouched for the Caijing report, saying that the office housed executives, including Zhao, alongside 200 staff at times.

On the matter of the existence of a “police raid,” Chaparro said that its sources, which include an anonymous Binance employee who was acting as an eyewitness, claimed that “officials had visited one of the offices prior to the shutdown.” Though, it was admitted that the use of the word “raid,” especially in the headline, was too ambiguous to stay online.

Binance CEO announces intentions to sue

While The Block has taken steps to rectify the situation, Binance isn’t satisfied. CZ announced late Friday night (PST) that “we”—seemingly implying Binance as an entity—will be “suing them.”

We will be suing them.

— CZ Binance (@cz_binance) November 23, 2019

It isn’t clear what Binance will be suing The Block for, though the most likely answer is defamation and libel.

Several hours later, CZ double-downed on his intention to sue The Block in a response to former TechCrunch founder Michael Arrington, tweeting, “Make it expensive for them to FUD.”

Make it expensive for them to FUD.

— CZ Binance (@cz_binance) November 23, 2019

CZ followed up that he gave The Block a chance to apologize by stating:

“Already gave them a chance to apologize, but they haven’t. You don’t FUD about a fake “police raid” then just change title.”

Zhao elaborated:

“They don’t have the heart to own up to a mistake. Instead, they try to shift focus and change topic.”

One thing is for certain: Chinese authorities are in the midst of a crypto crackdown

While the (former) existence of the Shanghai office remains up in the air—as does the validity of The Block’s original article on the matter—local authorities have formally announced a concerted crackdown on virtual currency operations over recent weeks.

Case in point, on Nov. 22, the Shanghai branch of the People’s Bank of China (PBoC) said in a press release that it remains concerned over cryptocurrency-related speculation through ICOs, IEOs, STOs, and other capital-raising/token distribution methods.

It continued by stating that to counteract the “essentially unauthorized illegal public financing” and issuance of securities, it will be closely monitoring ” the virtual currency business activities within the jurisdiction,” which will be “disposed of immediately” if discovered.

This would suggest that if an exchange was found to be operating a platform that perpetuates cryptocurrency-related speculation in Shanghai, they would be subject to scrutiny from authorities.

That’s not to mention that over the past few weeks, Dovey Wan, a cryptocurrency venture capital investor, has reported that individuals of the Chinese crypto community have been arrested, including a former Bitmain engineer and the operators of a Beijing-based digital asset exchange.

The post Binance CEO to sue The Block over alleged fake Shanghai police raid story appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Blocknet (BLOCK) íà Currencies.ru

$ 0.061991 (+1.38%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 2.15 %, 7d: 12.58 %
Cåãîäíÿ L: $0.061991 - H: $0.061991
Êàïèòàëèçàöèÿ $0 Rank 7385
Öåíà â ÷àñ íîâîñòè $ 1.296 (-95.22%)

police story binance shanghai raid block fake

police story → Ðåçóëüòàòîâ: 126


Ôîòî:

Binance CEO to sue The Block for fake Shanghai police raid story

On Nov. 21, crypto industry publication The Block released a story entitled “Binance’s Shanghai office shut down following police raid, sources say.” The article quickly blew up on Twitter, with some going as far as to suggest that it contributed to the recent collapse of the Bitcoin price, which now sits at $7,250 as of […] The post Binance CEO to sue The Block for fake Shanghai police raid story appeared first on CryptoSlate.

2019-11-23 10:19


Apple bans app that warns Hong Kong citizens about police activity, again

Apple has banned HKmap. live — a Waze-like crowdsourced maps app used by protestors in Hong Kong to track police movements in the city state — merely days after approving it. The company told Reuters it made the decision after consulting with local authorities and that the “app violated its rules because it was used to ambush police and by criminals who used it to victimize residents in areas with no law enforcement.

2019-10-10 07:42


Ôîòî:

Binance says it buddied with UK police to catch crypto criminal who stole $51M

Binance has said it collaborated with UK police to uncover a criminal who earned more than $51 million (tomers in at least 53 different services. Other criminals were able to purchase and use scripts to obtain personal information about customers by imitating legitimate companies It’s believed some 500,000 people were affected, most… This story continues at The Next Web

2019-9-27 16:34


Map reveals which cities use Ring’s surveillance network to spy on you

An engineering student in Illinois has put together a handy map to help pinpoint locations where police are tapped into Ring’s surveillance network. Ring, a company best known for smart doorbells and home security cameras, has a massive network of these cameras installed, some of which are being used for surveillance purposes by police in certain cities.

2019-8-10 03:27


Ôîòî:

Dutch police accidentally mass-texted fire witnesses a link to an ‘adult video’

In an unfortunate mishap, Dutch police accidentally texted a link to an adult video to 1,900 witnesses of a house fire, which took place last month in the town of Nieuwleusen. In the text, police encouraged witnesses to come forward with information that could help them figure out what caused the fire, as a result of which a 22-year-old man lost his life.

2019-8-8 15:52


Ôîòî:

‘YouTubers’ author Chris Stokel-Walker on how to fix the world’s biggest video platform

Over the past couple of years, YouTube’s been in hot water over a myriad of issues that would give any CEO sleepless nights. The list of offenses includes failing to police problematic videos appearing on its platform, toxic comments that have pushed it to disable the feature for some content, and troubling recommendations delivered to unwitting users, including children.

2019-7-23 18:21


Police demand access to sexual assault survivors’ phones — or have their case dropped

For the ongoing series, Code Word, we’re exploring if — and how — technology can protect individuals against sexual assault and harassment, and how it can help and support survivors. In April 2019, police in the UK introduced new consent forms asking sexual assault survivors for permission to access their personal information stored on their phones.

2019-7-23 15:01


Ôîòî:

We gave US police, ICE, and CBP AI without regulations in 2016: Now it’s 1984

This weekend’s ICE raids are essentially a ribbon-cutting ceremony for the government‘s surveillance state. The same AI-powered tools empowering those agents to identify, target, track, and spy on immigrants without a warrant are already in the hands of police officers, sherriff’s deputies, and border patrol agents across the country.

2019-7-13 23:37


Ôîòî:

India addresses cryptocurrency scam wave with new police training course

High-ranking police officers in India will receive cryptocurrency training to help with investigations involving digital currency. The country’s national police academy – the Sardar Vallabhbhai Patel National Police Academy (SVP NPA) – has launched an educational course to help officers gain an understanding of how cryptocurrencies and blockchain technology work.

2019-7-8 13:52


Silk Road weed dealer fights Vancouver police over $2.6M in seized Bitcoin

Vancouver police have been accused of misleading a justice of the peace in a plot to seize $2. 6 million (CAD$3. 5 million) in Bitcoin owned by a dark web marijuana trafficker, CBC reports. Authorities believe the Bitcoin, found on hard drives seized in 2013, to be the proceeds of illegal activity — specifically the selling of large amounts of cannabis via seminal dark web marketplace Silk Road.

2019-6-29 17:07