Print Page - Binance to Sue the Block and raises 200 bitcoins to fight fud.

Binance is livid with it’s reputation taking a hit due to yesterday’s fud news which claimed that it’s Shangai offices were raided, and has decided to teach the Block a lesson by suing them for spreading fud news.

It’s pertinent to note that Binance CEO and Justin have decided to contribute total of 200 btc to fight fud, though there’s no clarification on how they’ll use these funds.

Now many will wonder what did sites like the block gain when they spread such fud news, well the answer is simple Traffic, their article went viral, advertisement revenues etc. In my opinion news sites should avoid sharing fud news articles, and especially articles that can damage an entire industry like we saw yesterday when bitcoins prices dropped $1000 in a matter of few hours.

While many members are able to spot fud news some are not able to spot it so how can we tackle the fud news, and help bitcoin users outside this forum because it’s high time we stopped these fud news from going viral.

Sources:

https://bitcoinist.com/binance-to-sue-the-block-for-damaging-the-exchanges-reputation/

https://mobile.twitter.com/cz_binance/status/1197720622681321472

Quote from: Juggy777 on November 23, 2019, 12:25:53 PM

It’s pertinent to note that Binance CEO and Justin have decided to contribute total of 200 btc to fight fud,

Hhahahaha
Binance to fight "FUD"!!!

Let me turn back a few pages:
https://www.newsbtc.com/2018/03/23/binance-founder-defends-against-irresponsible-journalism/

Quote

In a series of tweets, Zhao Changpeng addressed what he called the irresponsibility on the initial article, the content of the letter Binance received from the FSA and the steps his company is undertaking to continue trading legally in the country.

Quote

We received a simple letter from JFSA about an hour ago. Our lawyers called JFSA immediately, and will find a solution. Protecting user interests is our top priority.
— CZ (not giving crypto away) (@cz_binance) March 23, 2018

Of course...it was FUD! Irresponsible journalism!
Do I have to tell you what happened after?
While screaming FUD, fake news, Zhao was in a plane for malta with all his luggage tweeting 'funds are safe".

Yeah, they need to combat this kind of FUD and Fake News while they still can, once they land it prison it will be a little too late.

Quote from: Juggy777 on November 23, 2019, 12:25:53 PM

This is very bad image of marketing even if they can gain some visitors and their articles will become viral, spreading fud news is very lazy type of blog especially if it was not backed by certain organization to spread the fuds.

Right now, I am not that sure if binance can still sue the offenders even if they are putting a huge money for it as the fuds can pop up anywhere even if you stop a certain website but it's pretty easy to create a new one and do it again. Especially if spreading the fud news were being funded by some big companies or individuals.

And this is the https://www.theblockcrypto.com/ official response:

Setting the record straight on our Binance reporting

Quote

On Thursday we reported that the exchange’s Shanghai office had been shut down, and that an eyewitness source had likened the shutdown to a police raid. Binance denied both of those details in numerous tweets and in statements to other media outlets. In light of the unusually vociferous backlash over the story, I thought it would be worthwhile to dive into the claims made by Binance, our anonymous sources, and additional reporting conducted over the last 24 hours.

What about the "raid"?

In our original report, we cited an eyewitness who told us that, prior to one of the offices shutting down, police had conducted an investigation of the premises. When we reached out to Binance about the supposed "police raid" and they denied it ever happened, their denial was included in the report.

The eyewitness is a Binance employee who we cannot identify because we agreed to communicate “on background” - that is, to be quoted only as an anonymous source. This person has been a reliable source to The Block for the past several months, and has accurately confirmed multiple stories related to Binance. Following our initial reporting, another source corroborated that officials had visited one of the offices prior to the shutdown. Still, following publication, other vetted sources have questioned the veracity of the word "raid," as used in the report.

We've updated our previous story — and headline — to reflect this ambiguity.

Done properly and in good faith, protecting sources’ anonymity is essential for getting parts of a story that otherwise would remain in the dark out of fear of reprisal. The Block stands by its reputation for carefully vetting sources, anonymous or otherwise. We also stand by the reporting in our original story, which further reporting has shown to be accurate.

This isn't the first time we've faced a gauntlet of criticism for our reporting, and it won't be the last. That's simply table stakes when you report on matters that well-moneyed and powerful companies would just as soon see buried. At the end of the day The Block will continue to objectively cover the digital asset space, warts and all, without fear or favor.

https://www.theblockcrypto.com/post/48112/setting-the-record-straight-on-our-binance-reporting

So it's more of a 'he said she said" here. Take your pick, read and see who's telling the truth here. Anyways, the damage to the market has been done.

FUD should be fought, that is right. And it is good news that Binance's CZ and Tron's Justin are coming up with this collaborative initiative to fight against it, putting their Bitcoin where their mouth is. At least they both now have balance expenses, one half goes for fighting FUD and the other half goes for creating hype. I am not sure which expense has the bigger budget allocation though. :D

Quote from: Juggy777 on November 23, 2019, 12:25:53 PM

...can damage an entire industry like we saw yesterday when bitcoins prices dropped $1000 in a matter of few hours.

But I don't think this is correct. Making unnecessary connections might only create another FUD out of a FUD. There is no crystal clear line that links the price drop of the entire market and the recent Shanghai FUD.

Planned, corroborated crash or whatever the hell it is, I don't think CZ should act like this knowing that a single crypto article such as this is being published on a daily basis and doesn't stop from being created at will. Also upon seeing The Block's response to Binance's reaction, it's more like they only used the info their 'trusted source' has been relaying to them, although of course that doesn't make them less accountable for what already happened since they're the ones who published everything out.

I applaud what Binance had been doing for the market but this one doesn't suit my liking at all.

Quote from: Kemarit on November 23, 2019, 01:32:56 PM

So it's more of a 'he said she said" here. Take your pick, read and see who's telling the truth here. Anyways, the damage to the market has been done.

Anonymous source is accepted in journalism, because sometimes the data is not available to the public, just like what Wikileaks did. The problem is, statement alone is not enough to create news, there must be some hard evidence related to the case being talked about, because if not, then it's simply a conspiracy theory.

The Block should provide more evidences on that matters, such as photograph, or any documents related to that. If not, then I'm not sure their level of journalism is good enough. I'm not going to be surprised with Binance if they do some shady things here and there, such as saying that they accept Alipay to buy crypto and then got denied straight after that.

Quote from: Juggy777 on November 23, 2019, 12:25:53 PM

I think it's a good choice. Binance seems to be a solid exchange that cares both about customers and about ensuring that everything they do is legal. The info about the raid did not only hit Binance, but it also destabilized the whole market. The FUD is still in the air, and working on proving that no raid has happened will take time. Meanwhile, investors are hesitating, and the price is down to almost $7k which is the lowest over the last month. Hopefully, just like before, Bitcoin will manage to overcome this issue fast, but I hope those responsible for spreading fakes will be punished. Maybe it's not the media portal that should be sued, though, but the company that offered this piece, Idk.

This is pure market manipulation in it's finest form and The Block should be held accountable for it by not just Binance, but also the entire cryptocurrency space and everyone involved in it, they reported a fake event that never happened and even when it turned out to be false, instead of doing the honourable thing and apologizing, they decided to play fast and loose, this event has just proven that anything they report are not to be trusted and everybody should stop reading whatever they publish because they would simply repeat it in the future again.

Quote from: Juggy777 on November 23, 2019, 12:25:53 PM

Basically, TheBlock could be sued by Binance for libel and I think they deserve it! And if this develops into a formal lawsuit, then I guess this will also serve as a warning to all news site to do responsible journalism and avoid fabricated articles meant only to generate traffic for their own financial gain.

Quote from: Patatas on November 23, 2019, 01:07:15 PM

I wonder why binance didn't put even a single bitcoin to investigate their recent hack? ???

Maybe they didn't want any publicity with any of their security measures but I'm sure Binance are tapping the services of security companies to attend to such matters without ever divulging any figure for their security budget.

Quote from: Patatas on November 23, 2019, 01:07:15 PM

Had 100 bitcoins being used to find the hackers, I'm sure a lot of their customers could have gotten their money back.

Most certainly, those Bitcoins taken away by the hackers would be hard to recover but I didn't know any of their affected customers that wasn't able to get funds back as I understand they were covered by an insurance thru Binance SAFU (Secure Asset Fund for Users).

I think it's just the Binance owners just having a fit over people being journalists, there was nothing wrong with the recent articles that were published by the Block, and a lot of other websites, and calling it "FUD" just seems like they think their community is stupid.

I don't agree with their recent business practices - Binance hasn't been very aggressive with their exchange and the services they offer, instead, all their time seems to be spent covering up stuff that happens with them, and it just seems like a huge waste of time.

well I hope Binance raises 200 bitcoins to investigate the hacking attacks on them
while I'm all for responsible journalism , Binance is guilty themselves and to me this is more a PR stunt rather an attempt to fight FUD
this sounds like rock music against drugs :) , exchanges thrive when news ( read FUD ) are spread and the price and volumes are spiking
in all fairness , Block should have been more vague in their definitions and allegations , hope they have good lawyers ;D
but they could not simply pulled this raid out of their .. hat , they must have had some insider info or the police info
https://bitcoinist.com/binance-to-sue-the-block-for-damaging-the-exchanges-reputation/
will be watching this closely , an interesting precedent of an exchange suing a news outlet

Quote from: ChrisPop on November 23, 2019, 01:25:44 PM

If we go on the conspiracy route - what if CZ made an agreement with The Block so they publish that article so Binance can come up as heroes who fight against FUD? We can't know that so that's why, personally, I don't watch the news too often and I never trust them until I validate them on many sources. If this situation is not just theatre, great for CZ. :D

Conspiracy by Binance owner CZ to make bad news and bitcoin goes down with higher price, I don't know why exchange like binance give fake news for investor and make many people panic for selling their bitcoin assets, how ever Binance keep giving good and trusted information to public and give way how to make bitcoin have higher price later not give fake news.

Quote from: Kyraishi on November 23, 2019, 11:24:58 PM

I think it's just the Binance owners just having a fit over people being journalists, there was nothing wrong with the recent articles that were published by the Block, and a lot of other websites, and calling it "FUD" just seems like they think their community is stupid.

If theblockcrypto did publish that article without sufficient proof to back it up, then it is clearly fabricated with malicious intent meant to hurt the company's reputation.

Quote from: Kyraishi on November 23, 2019, 11:24:58 PM

I don't agree with their recent business practices - Binance hasn't been very aggressive with their exchange and the services they offer, instead, all their time seems to be spent covering up stuff that happens with them, and it just seems like a huge waste of time.

Of course! Binance has its own issues with the community but this doesn't mean its just okay if they become the subject of irresponsible journalism.

Quote from: Juggy777 on November 23, 2019, 12:25:53 PM

I'm very glad that Binance is interested in fighting FUD. FUDs are the major contributors of panic and fear in the entire crypto ecosystem. I just hope that this action of Binance will not be a short period action to increase their users on their platform. Nobody in this world does anything without having a main motive behind their actions. Fighting the spread of FUDs will help newbies and others trust the use of cryptocurrencies without having doubts and fear.

Quote from: minersday on November 24, 2019, 11:10:58 PM

Quote from: Juggy777 on November 23, 2019, 12:25:53 PM

Well, those who are creating FUD should not be tolerated at all, so for me yes, Binance should take a legal action regarding it, they do have a lot of fund to do this, they will for sure find resources to find those fudding easily, espeicially they will fund 200 Bitcoins thru it, for sure a lot of people will help so that they can have instant money too. 200 Bitcoin is a big money but for us, small amount for Binance, but for us really a big money.

Quote from: Juggy777 on November 23, 2019, 12:25:53 PM

This initiative by Binance is a good step in making the crypto ecosystem free from all kinda wrong and misleading information. FUDs can be classified as the number one reason why a lot of people are scared of adapting to the use of cryptocurrencies. It scares investors and newbies from investing and promoting the entire crypto ecosystem. I just hope this action by Binance will not be for a publicity stand.

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