Binance CEO Changpeng Zhao said on Twitter that the exchange will sue TheBlock for distribution fake news about the "police raid" on the office of the exchange in Shanghai.
So, in a recently published articlethe fact that the police searched the Binance office in China was confirmed, which, according to the director general of the exchange, was not. Now, TheBlock’s director plans to “consider using foul language” in the story that reported the raid. Although the problem is much deeper, since in addition to damaging the reputation of the exchange, this news allegedly had a direct impact on the crypto space as a whole.
Binance CEO added that fake news could also affect the price of BTC, and asked the news media to apologize.
They got a few more eyeballs this time, yes. But it makes TheBlock rated as a fake news site. If that’s how they want their brand to be known, it makes sense. No apologie so far about the fake news either. Irresponsible journalism.
- CZ Binance (@cz_binance) November 22, 2019
The issue of fake news
The problem of fake news on the Internet existsa long time ago. Numerous media use them repeatedly to attract clicks. However, the use of this method can also damage the reputation, and this time the damage is quite serious. Not only Binance, but also the credibility of the entire digital asset space may be in jeopardy due to the fact of the distribution of fake information.
Bitcoin has been going through the last few days.a sharp decline, although probably not only TheBlock news contributed to this, but China's repressive measures to trade cryptocurrency in Shanghai. Right now, the price of Bitcoin is at $ 7,000, which is about $ 1,000 lower than it was earlier this week.
The rest of the cryptocurrency market is alsofollowed by a fall, which led to a significant reduction in prices for almost all coins. However, fake news probably had the strongest effect on the price of the Binance token, BNB. The fall was 8.46% in the last 24 hours, showing the worst result among the top coins in space.