Binance CEO lashes out at Chinese media for spreading fake news

The BNB price dropped from $310 to $301 approximately 3% as soon as the phoney news started to circulate.

Binance CEO lashes out at Chinese media for spreading fake news
The Block also disseminated FUD, causing the price of BNB to drop from $24 to $18, wiping out almost $400 million from the market cap.

Changpeng Zhao (CZ), the CEO of cryptocurrency exchange Binance, blasted 163, a major Chinese news outlet, in a thread on his Twitter account for releasing false information about Binance in an effort to sow discord, as reported by Cryptoslate.

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. The original article from 163 was deleted, but several copies of it might still be seen online, he added.

In a series of his tweets, 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 BNB price dropped from $310 to $301 approximately 3% as soon as the phoney news started to circulate. After falling for an hour, the price began to rise again. As of the time of publication, BNB is worth $303,4. CZ closed his thread by claiming that three years ago, The Block also disseminated fear, uncertainty and doubt (FUD), causing the price of BNB to drop from $24 to $18, wiping out almost $400 million from the market cap.

According to a recent report by CryptoSlate, Binance’s Bitcoin holdings began to increase in May 2022 and eventually surpassed 623,000 Bitcoins. 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 as a result of the winter weather, Cryptoslate noted.

(With insights from Cryptoslate)

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