Did FTX Actually Pay $43 Million To Fund A FUD Campaign Against Binance?

B. Ali
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Changpeng Zhao, the CEO of Binance, recently claimed on Twitter that FTX had paid $43 million to support a FUD campaign against the exchange. FUD, which stands for fear, uncertainty, and doubt, is typically intentionally evoked to disadvantage a rival.

Changpeng Zhao, CEO of Binance, alleges specifically that the former competitor sent the money to a specific media organization that frequently publishes negative articles about Binance.

Binance CZ Alleges FTX For FUD

As we are all well aware, Binance has long been the world’s largest cryptocurrency exchange platform in terms of trading volume. But for a brief period, they faced opposition from FTX, a rapidly growing industry titan. In 2023, Binance is still a dominant force, while FTX has filed for bankruptcy and its two founders have been detained on suspicion of fraud.

However, the CEO of Binance noted that FTX had recently funded the FUD surrounding his cryptocurrency network. Zhao claimed that FTX paid a specific news outlet $43 million to make disparaging headlines about Binance.

Furthermore, he claimed that different traders would try to construct bad news in order to grow their businesses. Zhao went on to talk about the extremely negative press that Binance has been receiving as a result of the FTX FUD campaign.

CZ, Binance CEO stated, “I don’t think it’s going to stop, but I don’t think it’s going to bother us that much going forward.”

Zhao urged people to develop their own views about the exchange. He further added that people are less likely to fall for the FUD tricks used by platforms like FTX. Zhao continued, “People today are pretty intelligent. Misleading headlines no longer fool the majority of people.

It is also worth recalling that the collapse of FTX sparked a destructive effect in the cryptocurrency market that cost billions of dollars. Thereby, the crypto exchanges have been under a lot of pressure to show evidence of their reserves. But because investors lost faith in them, pressure persisted.

Binance CEO Discussed AI

Changpeng Zhao, the CEO of Binance, also discussed AI and the cryptocurrency industry. Zhao stated in response to a question on the subject that he thinks there is still more to be done. That is in terms of integrating AI technology into the blockchain environment. There will be more developments in integrating AI technology into the blockchain environment.

He emphasized how risk management challenges can be helped by AI, which could help prevent future blockchain projects from failing.

 

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Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.