Binance in trouble over listing scam defi token

[thesmallgod]

There is the defi token called "SUSHI" which was listed on binance a while ago. Unfortunately the founder reportedly exit scam leading to the price dropped 60% off just within 24 hours. https://news.bitcoin.com/sushiswap-founder-reportedly-exit-scams-as-sushi-token-price-tanks/. A lot of traders has gone nut on CZ Binance on Twitter claiming that he deleted some of his post about the project
 


https://mobile.twitter.com/cz_binance/status/1302473237532532736

[1714921992]

1714921992

[ScamViruS]

There is the defi token called "SUSHI" which was listed on binance a while ago. Unfortunately the founder reportedly exit scam leading to the price dropped 60% off just within 24 hours. https://news.bitcoin.com/sushiswap-founder-reportedly-exit-scams-as-sushi-token-price-tanks/. A lot of traders has gone nut on CZ Binance on Twitter claiming that he deleted some of his post about the project
 

CZ Now he thinks of himself as the boss of the crypto market. Because he has the biggest crypto exchange binance and websites like Coinmarketcap. We have contributed to getting him to this stage, but he is now abusing that power. Listing scam projects does not result in any loss when a huge listing fee is available. Binance has been saying listing fee zero in their announcement for the past few months, but I think they must have hidden fees, otherwise such shit projects have no power to be listed. So don't trust any exchange and the owner of the exchange, they will always be waiting to see how you can be trapped.

If the community is not careful, the owners of the exchange will do whatever they want. So before buying any coin you have to be extra careful and do good research about the project. Otherwise the owners of the exchange will take away your funds with  scam projects.

Btw. Cz have the habit of deleting tweets is old. He keeps tweeting nonsense, and deletes tweets when criticized by the community.

[qwizzie]

People should take responsebility for their own actions. People made the decision to invest in high risk DeFi, just like people made the decision a few years back to invest in high risk ICO's. Greed is the reason that people invest in these scam projects, let it be a lesson to them that greed rarely pays off.

DeFi tokens run mostly on 1 specific blockchain (Ethereum in most cases), which means there is an increased risk of a single point of failure.
That single point of failure are high fees of that 1 specific blockchain. Not only the Ethereum gas fee, but also the fees for interacting
with those token projects protocols that can charge users with fees up to $100 per transaction.

Be smart, stay out of DeFi projects. The chance of getting burned or getting stuck in such a token project is very high.
Exchanges are not to blame, the people that invested in those DeFi tokens are to blame.

[raidarksword]

I saw some news about sushi DeFi token getting listed on Binance and i am hype over it that i wanted to buy because it's gonna be listed but good thing i hold back and not buying it or else i regret in the end for sure. DeFi project will surely get you hype especially if it will be listed on big exchange like Binance, but it's better to research first before engaging such DeFi hype these days and the reliability should be taken first within ourselves. I felt sorry for people who got hype over it and the risk will always be present in this industry that why always do it with diligence.

[Reid]

They might be the biggest exchange but that doesn't mean we always trust what they will list there.
It is also our job to look deeper if the coin will have a good product or end up in the sewers.
Besides, it is our money that is on the line and not Binance.

I don't think they will be in trouble for this.
They might battle it with a disclaimer just like that tweet.

[Coin_trader]

They might be the biggest exchange but that doesn't mean we always trust what they will list there.
It is also our job to look deeper if the coin will have a good product or end up in the sewers.
Besides, it is our money that is on the line and not Binance.

I don't think they will be in trouble for this.
They might battle it with a disclaimer just like that tweet.

They are boasting that they are the best and also claiming that they are reviewing every project before they list it. But this time they list all coins/tokens even if it is an obvious scam. They should be liable at some point because they let them list this coin even though they know how risky is it.

If every scam project listed on binance exit scam then they give this same shit of statement then it will reflect on there image when time comes. I personally use binance because they only list trusted project before but right now. They are just turning into a shady exchange like P2PB2B and Coinsbit which list any project without further research about it as long as they receive listing fee.

[tvplus006]

Any exchange, including Binance, aims to make money on hype around DeFi. It is for this reason that now all exchanges list such projects for free, hoping to get a profit due to the Commission from trading. When checking a project, no one can get into the founder's head and find out his intentions. Binance also cannot guarantee that such scams will not appear on the exchange in the future.

[Pffrt]

That's a shit that they had not go through kind of KYC for funder before listing a shit. I used to think that exchanges like Binance must keep records of project owner before they list it specially if the project is new. Now, this. This is really a shit from CZ. Now, CZ posting this shit even. They are not the best exchange anymore. Showed no responsibility to the customers.

[rz20]

Many were shocked when Binance announced that they will list SUSHI token on their exchange. Listing token without doing due diligence on their end will result in loss of trust from its users. IMO His tweet proves that he just cares about $

[Zazzu]

https://mobile.twitter.com/cz_binance/status/1302473237532532736

Seems like CZ has changes the tweet :



https://mobile.twitter.com/cz_binance/status/1302473237532532736

This Cz is acting shady , why ?



Now you know why he changed the tweet!

[bayu7adi]

Binance doesn't want to miss the hype that's going on around the world right now. They are chasing bigger profits by listing coins that are busy and can be said to be viral. Whether the coins go up or down, they will still benefit from the fees they charge. I think the Binance team is not very selective in choosing and determining which coins should be listed on the exchange. And Binance will delist when the related coin is considered to have a bad reputation for Binance or it is no longer profitable.

For information, that SUSHI is a project that is also unclear, who is driving it. This is of course closely related to the development of a coin in the future, for example if there is a problem with the related wallet, then who should be contacted if it turns out that SUSHI is keeping the identity of the project driver (just an analogy)

[bL4nkcode]

It's all about trends and profit, like the ICO bubble, so listing coins is a priority of these exchanges for profit, and delist once the coin performs sh*t.

But its self-responsibility for its users to trade an invest, don't just buy coins due to the exchange list the coin, check the company background and etc.

[proscratcher]

Yeah, Binance seems to be listing all of this coin coming from uniswap. Are they afraid of uniswap? And there's a lot of good coins out there that's not yet listed on Binance.

[ice18]

Not only Binance many top exchanges listed this "SUSHI" gateio, okex, huobi very quickly without thinking the risk but we cannot  blame exchanges into our personal actions they did not force buyers to buy it its business and everything they think as an opportunity they will list it into their platform including anon founder like this one.  

[tsaroz]

What we forget is binance is just another exchange. They needs to keep on new cons so that there would be users coming to it, the volume coming to it. They might look over which coin to add next but it doesn't mean the one they chooses would always be a legit project. The twit about the founder filling form is a tip from CZ (personally) to increase the chances of getting listed on Binance. It doesn't mean the founder actually provided every details of himself/herself or the person that filled the form is actual founder.

[alexforneus]

Binance just want to earn money on traders and nothing more. They want money here and now, no time for audit and for kyc for projects ceo

[passwordnow]

CZ / Binance is for the money. They are business and they understand what the market needs. They would be happy to list something that has huge demand even without asking for a listing fee.
It's a give and take on their side despite the crap of the market. His tweet only says that he will never remove his business mindset whatever the project is.

[b1k4ng]

CZ is also human, of course he may also have made mistakes in determining the audit on the project, maybe this will be a lesson for CZ to be more careful and not follow the hype, they should think about their community, yeah hopefully in the future they don't make the same mistake.

[Vilagra]

Hours ago I saw news that founder of Sushi passed his project to head of FTX who is related with CZ, so it seems that CZ wants to clean his reputation with this move, now Sushi isn't potential scam project but project with reliable owner.

[hd49728]

It is not a big challenge to know signal of scam. I'd not say all DeFi projects are scam but most of them are. Let's skip how to search and detect scam projects. I only say the truth the if DeFi is a real evolution for the financial and crypto space, the pioneer will get big success and we should only stick with the pioneer or if want to expand portfolio, to very limited later projects.

When you see DeFi is everywhere, it is time to stop your eyes on new DeFi projects.

Same as what happened with Bitcoin forks. I can call Bitcoin Cash is a success. Successful in term how the team hyped investors and pumped the price of bitcoin cash too very high. Later forks have price lower and lower. More forks, lower price than Bitcoin Cash.

Same for DeFi projects. Be smart!

[SquirrelJulietGarden]

Sushi, kimchi, pasta, pizza, hotdog.

https://coinmarketcap.com/currencies/kimchi-finance/
https://www.coingecko.com/en/coins/pizza-usde
https://bitcointalk.org/index.php?topic=5268573.msg55100124#msg55100124
https://bitcointalk.org/index.php?topic=5268573.msg55119631#msg55119631
https://twitter.com/vodka_finance

When scam developers hype with names like that, I won't waste my time to investigate their projects. See the names and ignore them instantly.

Define the (scam) DeFi

[LazerPanther]

Honestly, Cz ruined the credibility of the exchange. He's afraid of losing traffic and listing a scam project, he doesn't even know who its founder is. It is too risky for us to invest in Defi projects in this market, they can become scammer at any time.

[7788bitcoin]

There is the defi token called "SUSHI" which was listed on binance a while ago. Unfortunately the founder reportedly exit scam leading to the price dropped 60% off just within 24 hours. A lot of traders has gone nut on CZ Binance on Twitter claiming that he deleted some of his post about the project

I will be surprised if everyone was surprised with this outcome, it was inevitable when they hype started and now we saw a case of a exit scam using one of the major exchange and CZ being vocal with everything that is going around i wonder what his excuse would be for allowing an exit scam in his exchange and i would like to see the outcome when investors approaches the authorities regarding this scam.

[tbterryboy]

I do not think that many of them are scam, of course as everything in life there could be some scam but I believe majority is not scam. However I believe almost all of them will fail, there would be only a rare few of them that will make a profit and that is why I believe there is really not that much money to be made from them.

Just focus on the ones that will make you money right now and get out when you can because in the future it will not make you any money at all, in the future (like 1 year from now) the hype from the defi word will die down and it will not be as big of a deal as it is today, everyone will move on with the new thing and that is why I believe prices will go down as well. That is why I believe everyone should be careful about the future of defi as a whole.

[someone703]

Hours ago I saw news that founder of Sushi passed his project to head of FTX who is related with CZ, so it seems that CZ wants to clean his reputation with this move, now Sushi isn't potential scam project but project with reliable owner.

Because of this news the price has gone up almost 3 times in a few hours, but I don't think this is a legitimate project, too risky for us to bet our money on the project. They have lost their reputation and I believe many will soon leave this project

[AmoreJaz]

Hours ago I saw news that founder of Sushi passed his project to head of FTX who is related with CZ, so it seems that CZ wants to clean his reputation with this move, now Sushi isn't potential scam project but project with reliable owner.

Because of this news the price has gone up almost 3 times in a few hours, but I don't think this is a legitimate project, too risky for us to bet our money on the project. They have lost their reputation and I believe many will soon leave this project

what are the tangible objectives of this sushi project? are they keeping up with those objectives?
 because even if CZ is now in some way connected with this sushi project, still we need to know what is the added value that this sushi has already offered to the community? so it is really up to the user whether he will trust a defi project or not and it is his own responsibility to do his due diligence!

[ryap12]

Holy cow! Good thing I did not purchase $SUSHI's when I saw it was trading at Huobi. I was tempted to invest since it looks very appealing and a solid DeFi cryptocurrency. Also I was in FOMO for what happened to $YFI and $YFII right now. I thought Binance thoroughly investigates all their listed cryptocurrencies since they always say that in-order to be listed at Binance, a fortified solid super hard than your d*ck project is a must and does not list just any of the cryptos. But I know for sure even if they got in trouble, Binance will still remain number 1 among all Centralized Exchanges.

[wmaurik]

a bit confused about why cz made a blunder which was quite fatal, binance exchange should not to follow DeFi trend too much and if they want to follow listed of defi projects that should have a real team not anon team, and projects like Sushi should not be eligible to enter Binance exchange, I hope Binance won't make the same mistake with listing issues on defi project again.

[hrunya102]

They also added Sushi almost immediately to the futures market with x50 leverage I think CZ does not say something, or they themselves lost a lot, as the sushi team could earn a lot money on the short.

[chikator]

Its hard to blame binance over this. They are afterall a platform and investors should make their own research especially when about to risk their own hard earned money.

[Kakmakr]

Come on... let's be honest, the guy was upfront from the start. He said they are listing it because it is generating huge interest.. and for them interest is when a lot of trading volume is being generated.

The problem comes in when they are listing tokens that has no identifiable team, but if that was the rule.. nobody would be listing Bitcoin (BTC) ..because nobody knows who Satoshi Nakamoto is. 

They are in the business to make profit and if people are asking for a specific token.. and it shows large trading volume, then they would surely list it to get those fees. 

[Strongkored]

Everyone should understand that the exchange will not take any responsibility about the losses by its users, this should be a lesson for all that even a trusted exchange can make the mistake by listing a scam coin, which is why don't ever join the hype that is going on. I think crypto trader that experience lose with DeFi coin not only in this project.

[lifeinmountain]

look at every exchange big or small they are just here to earn money. they don't want to lose there daily traffic and volume generated by the hype of defi token. binance blindly list shushiswap and at last small investor lost its money in this hype of defi. I am not into this hype of defi its very dangerous. I always prefer to play safely in crypto. always do your research before investing.

[royalfestus]

I dont blame CZ binance for catching the DEFI train and its money, I just think he need to also add new good project with solid fundamental that can generate volume though doesnt have the fund for listing. He was almost getting late to the DEFI party so he made the decision anyway. Telling the world he does not know the founder of Sushi was my worry, we should know that DEFI at a point will get some scammers and at least do some research. However, Sushi Founder came out with another tweet of not relinquishing its position. Bitconnect was listed on binance and SONM is still on binance even with the exit scam allegation

[Botnake]

Exchange has requirements before listing a project, pretty sure before they list SUSHI it has already passed all the requirements, so I think exchange here should not be blame, people should understand that there's a risk in investing and this is already part of the risk.

At least we have an exchange that provides liquidity to us trades, the only thing they can guarantee is they will stay legit but no control on the projects they are listing, it's even ironic that some traders and investors are blaming the exchange when the price dump, and that is wrong.

[Lantind]

Its hard to blame binance over this. They are afterall a platform and investors should make their own research especially when about to risk their own hard earned money.

Yes, it's not worth blaming Binance for that because Binance has provided a lot of great features for everyone and it benefits everyone too, meaning that they only provide services to the public according to the needs of their users.

[swordking]

Blaming Binance for this is no solution because crypto is highly risky and as a trader or investors, it's our duty or responsibility to ensure all the things before purchasing the token. Because we know anything would happen in crypto at any time so it is good to know about the risk before becoming part of the project.

[aioc]

That's a shit that they had not go through kind of KYC for funder before listing a shit. I used to think that exchanges like Binance must keep records of project owner before they list it specially if the project is new. Now, this. This is really a shit from CZ. Now, CZ posting this shit even. They are not the best exchange anymore. Showed no responsibility to the customers.

This one put Binance in trouble it's hard to accept that Binance cannot keep project accountable, they have not done a KYC  to these projects when they asked for all traders to do it, with all the lost investors are getting now, people might boycott Binance it's not safu anymore in Binance  they go down the level of Yobit, they are now both on the same level.

[qomariah95]

I am sure the reason why Sushi list is on Binance. Because CZ knew the volume was large. And several other large exchanges do the same. So in this case, it wasn't really CZ who was at fault. But basically all cryptos do come with risks. And we all know that we want to be profitable in a short time. DYOR.

[Bitstar_coin]

As much as it sounds displeasing to hear I think cz is making sense when he said nobody was forced to invest and all investment comes with high risk, people should learn to take responsibility of their action and stop looking for who to blame, those who invest in this Defi hype are greedy as well and should also be blame, already they knew the risk involved and yet they went ahead to invest but now putting the blame on an exchange.

[shakesbear]

I will not believe that CZ does not know the Sushi team,how can it be, lists shitcoin which is a week old, do not worry about their reputation at all ?

[Jawhead999]

-snip-

I see the requirement has been updated many times and when I checked the forms, actually you can still submit Other position instead of CEO nor Founder of the token. Probably this project mentioning as DeFi project, so it make CZ hurry to list this token without properly checking the token first.


source

Honestly, Cz ruined the credibility of the exchange. He's afraid of losing traffic and listing a scam project, he doesn't even know who its founder is. It is too risky for us to invest in Defi projects in this market, they can become scammer at any time.

I don't think people will said "Binance is scam","Avoid Binance","Binance is sucks" bla bla bla. Actually the name of the project is obviously shady, Sushi is a name of food made from japan, not a token LOL.
Even though Binance still listed this scam token, many (probably all) still believe Binance as a trusted and popular exchange.

[Krislaw]

I honestly don't think that SUSHI will be an exit scam more like pump and dump is expected but advertising such a coin on an exchange especially Binance where many users trust will surely affect their credibility and reputation among traders, although it is listed on their exchange no one also expected that the founder or SUSHI will exit with the profits, He's right we're responsible for our actions but he can prevent it from happening tho. That's why you need to expect the unexpected in crypto.

[ecnalubma]

I don’t think CZ still care about reputation anymore, listing an untrustworthy project is a very bad move that they had done. Its about profit and money after all, but off course its also due diligence of the investors. The lesson here is don’t trust a coin or token even if they are listed in big exchanges.

[Tomohisa]

Come on... let's be honest, the guy was upfront from the start. He said they are listing it because it is generating huge interest.. and for them interest is when a lot of trading volume is being generated.

The problem comes in when they are listing tokens that has no identifiable team, but if that was the rule.. nobody would be listing Bitcoin (BTC) ..because nobody knows who Satoshi Nakamoto is. 

They are in the business to make profit and if people are asking for a specific token.. and it shows large trading volume, then they would surely list it to get those fees. 

Yeah, what an excuse "if we don't list it, other exchange will so don't blame us over its exit scam". Thank you for making Binance, the most trusted exchange becomes no different than some B-tier exchange out there who will list anything because "muh traffics". Also, what do you mean by "people are asking for a specific token"? If it was a scam but since people have a demand for it then it's okay to list a scam coin on their exchange as well? The crypto has gone mad because of "muh profit", right or wrong, scam or legit doesn't matter anyone.

[Jackl87]

Binance wants to make money. When they noticed that they missed out on all that crazy volume that those new DeFi projects generated on Uniswap they began to list new DeFI project pretty quick to get a piece of the cake.
It was only a matter of time until one of those projects turned out to be a scam, but if you look at the prince of the Binance Token it didn't hurt them.

[target]

People trusted them so much that any tokens listed on Binance will be scam free and come this Sushi DEFI that turned out a scam. Whichever CZ explaination is, its going to be about them listed a scam project while the investors trusted them. You can't just risk our money all because yor company wants to earn from the hype.  

They have to list it otherwaise they'd be obsolete, Binance are now panicking because decentralize exchanges like the uniswap is about to take over them.
They should be feeling it now that the swapping platforms are getting bigger in terms of liquidity.

[distr@yopmail.com]

I don’t think CZ still care about reputation anymore, listing an untrustworthy project is a very bad move that they had done. Its about profit and money after all, but off course its also due diligence of the investors. The lesson here is don’t trust a coin or token even if they are listed in big exchanges.

I still can't believe it was done by the binance developers. so far they are doing very well and they have a strong trader and investor support. now there will be many different views for new assets listed there as well as their IEO.

[bitcoindusts]

They might be the biggest exchange but that doesn't mean we always trust what they will list there.
It is also our job to look deeper if the coin will have a good product or end up in the sewers.
Besides, it is our money that is on the line and not Binance.

I don't think they will be in trouble for this.
They might battle it with a disclaimer just like that tweet.

They are boasting that they are the best and also claiming that they are reviewing every project before they list it. But this time they list all coins/tokens even if it is an obvious scam. They should be liable at some point because they let them list this coin even though they know how risky is it.

If every scam project listed on binance exit scam then they give this same shit of statement then it will reflect on there image when time comes. I personally use binance because they only list trusted project before but right now. They are just turning into a shady exchange like P2PB2B and Coinsbit which list any project without further research about it as long as they receive listing fee.

Indeed, exchanges should take responsibility if ever they listed a scam project.  They somehow advertise that project through their announcement.  Aside from that, they take fees from these scam project to be a tool to scam people.  What CZ stated is not a reason for them to just list any scam projects.  Aside from that, if it is true that they claim that they review every project before listing it on their exchange just to get the people trusts but in truth they don't, then they really have to face consequences of of being a fraud.

[jekanmasin]

It was not binance fault to list scam projects that has a big volume of trade.. Binance list their project because they paid binance for listing their projects which mean they have money for listing. So we need to be careful as now we cannot think all project listing at binance is all legit now.

[john_nautica]

As much as it sounds displeasing to hear I think cz is making sense when he said nobody was forced to invest and all investment comes with high risk, people should learn to take responsibility of their action and stop looking for who to blame, those who invest in this Defi hype are greedy as well and should also be blame, already they knew the risk involved and yet they went ahead to invest but now putting the blame on an exchange.

Indeed. We are all responsible for our own decision. We are liable for the arising consequences of our investments.

Indeed, exchanges should take responsibility if ever they listed a scam project.  They somehow advertise that project through their announcement.  Aside from that, they take fees from these scam project to be a tool to scam people.  What CZ stated is not a reason for them to just list any scam projects.  Aside from that, if it is true that they claim that they review every project before listing it on their exchange just to get the people trusts but in truth they don't, then they really have to face consequences of of being a fraud.

But, exchanges are also responsible for releasing such information since this would encourage people to invest more.

[electronicash]

It was not binance fault to list scam projects that has a big volume of trade.. Binance list their project because they paid binance for listing their projects which mean they have money for listing. So we need to be careful as now we cannot think all project listing at binance is all legit now.

it means that whenever a team can pay for it, they can be listed on the big market and can take advantage of it despite not showing the profiles.  it could just be one in a million situation for binance but it can happen again if the project is a defi that many of the people will think it has potential because of the hype. i really think binance will once again add defi tokens soon. reputation is at stake now.

[Jekanpusuk]

It was not binance fault to list scam projects that has a big volume of trade.. Binance list their project because they paid binance for listing their projects which mean they have money for listing. So we need to be careful as now we cannot think all project listing at binance is all legit now.

it means that whenever a team can pay for it, they can be listed on the big market and can take advantage of it despite not showing the profiles.  it could just be one in a million situation for binance but it can happen again if the project is a defi that many of the people will think it has potential because of the hype. i really think binance will once again add defi tokens soon. reputation is at stake now.

The world are controlled by the money. They are a businessman by the way.. Even a scam that get hype can pay a big listing fees at binance so i think the scammer did has a big vision to do at binance.. Just watch what will happen soon. 

[Dewi89]

it means that whenever a team can pay for it, they can be listed on the big market and can take advantage of it despite not showing the profiles.  it could just be one in a million situation for binance but it can happen again if the project is a defi that many of the people will think it has potential because of the hype. i really think binance will once again add defi tokens soon. reputation is at stake now.

Any hype project so easily registers on a major exchange like Binance. They don't want to miss the crazy volume on uniswap and don't care if the exchanges reputation will decline. Hype Defi is an exception to all the strict requirements and he will feel the impact of the real hype madness.

[luckyflop]

It’s just strange that good projects like Swipe (SXP) do not receive the necessary investment, and fraudulent projects like sushi receive large investments.

Because it's getting the hype coming from Defi, and it looks like scam projects do a great job of marketing  . I have also seen a lot of scam projects being fomo and causing many people to lose money, but meanwhile good projects are too quiet and too few people know about it.

[goinmerry]

Exchange has requirements before listing a project, pretty sure before they list SUSHI it has already passed all the requirements, so I think exchange here should not be blame, people should understand that there's a risk in investing and this is already part of the risk.

Just to be clear, that requirements didn't follow in terms of listing those shitfood names DeFi tokens.

Binance just listed it "to make money" according to CZ itself.  It's obvious of course that there's a risk in trading or so whatever investment but it's not the point here.

They are trustworthy but not following their own terms is unprofessional. In other words, scam projects can just easily be listed by the number 1 and the biggest reputable trading platform right now as long as these scam owners pay the listing fee. When exit scam happened, Binance will just say, invest at your own risk then they are safe now from the blame.

[hatshepsut93]

People should take responsebility for their own actions. People made the decision to invest in high risk DeFi, just like people made the decision a few years back to invest in high risk ICO's. Greed is the reason that people invest in these scam projects, let it be a lesson to them that greed rarely pays off.

And exchanges have responsibility to filter scams and useless projects, because it harms the reputation of crypto as a whole, and their own exchange too. But they too get blinded by greed and choose to take short-term profit in the form of fees over the long-term benefits. Ideally, we would have 2 types of exchanges - shitcoin exchanges like YOBIT, which list everything, and some good exchanges that list only a very small amount of coins, like maybe top 5 or top 10 altcoins, minus scams like bcash and bsv.

[Findingnemo]

There is the defi token called "SUSHI" which was listed on binance a while ago. Unfortunately the founder reportedly exit scam leading to the price dropped 60% off just within 24 hours. https://news.bitcoin.com/sushiswap-founder-reportedly-exit-scams-as-sushi-token-price-tanks/. A lot of traders has gone nut on CZ Binance on Twitter claiming that he deleted some of his post about the project
 

CZ Now he thinks of himself as the boss of the crypto market. Because he has the biggest crypto exchange binance and websites like Coinmarketcap. We have contributed to getting him to this stage, but he is now abusing that power. Listing scam projects does not result in any loss when a huge listing fee is available. Binance has been saying listing fee zero in their announcement for the past few months, but I think they must have hidden fees, otherwise such shit projects have no power to be listed. So don't trust any exchange and the owner of the exchange, they will always be waiting to see how you can be trapped.

If the community is not careful, the owners of the exchange will do whatever they want. So before buying any coin you have to be extra careful and do good research about the project. Otherwise the owners of the exchange will take away your funds with  scam projects.

Btw. Cz have the habit of deleting tweets is old. He keeps tweeting nonsense, and deletes tweets when criticized by the community.

We can't blame Binance for this exit scam because exit scams can happen at any time but binance listed those shitcoins a bit early that is why it got so much hype around it.Why people are going made over the project which was just listed on the finance, even if there is no exist scam there could be hard dump for sure and that is what actually happened.Get mature and start to act like a trader not a chaser.

[pixie85]

Personally, I think projects like "SUSHI" don't have real use cases and real utilities. Traders only buy because of hype and instant profit, after the market collapse there are no fundamentals that are able to sustain the price which eventually drops like hell.

99% of all altcoins don't have any utilities and use cases. It's time to wake up.

On one hand I feel like it's not the exchange's fault that the coin team pulled an exit scam. Sometimes you strike a deal with a company and they bail on you. People are different some can be trusted and some can't.

On the other hand they should put more effort into screening these tokens or they'll become another shitcoin exchange like yobit.

[7788bitcoin]

And exchanges have responsibility to filter scams and useless projects, because it harms the reputation of crypto as a whole, and their own exchange too. But they too get blinded by greed and choose to take short-term profit in the form of fees over the long-term benefits. Ideally, we would have 2 types of exchanges - shitcoin exchanges like YOBIT, which list everything, and some good exchanges that list only a very small amount of coins, like maybe top 5 or top 10 altcoins, minus scams like bcash and bsv.

If you trust exchanges to have moral values then we will not be talking about this, CZ himself said that binance added these coins without any proper background check because they feared that they would miss the traffic if some other exchange is user friendly in perpetuating a scam. Their reputation as an exchange was damaged when they lost millions of dollars worth of bitcoin in the form of hack  and now this exit scam.

[CoinThinker]

Greed has taken him over, well everyone does a mistake and some of them are not small, even Steve Jobs has done some very big mistake that gave good damage to the company when you take the risk and you go for new things there is always that kind of risk that you fail , CZ has done so well now and I think one mistake is forgivable, he brought the meaning of IEO to the market and many other things, so still working ok in my view.

[glowing10]

And exchanges have responsibility to filter scams and useless projects, because it harms the reputation of crypto as a whole, and their own exchange too. But they too get blinded by greed and choose to take short-term profit in the form of fees over the long-term benefits. Ideally, we would have 2 types of exchanges - shitcoin exchanges like YOBIT, which list everything, and some good exchanges that list only a very small amount of coins, like maybe top 5 or top 10 altcoins, minus scams like bcash and bsv.

If you trust exchanges to have moral values then we will not be talking about this, CZ himself said that binance added these coins without any proper background check because they feared that they would miss the traffic if some other exchange is user friendly in perpetuating a scam. Their reputation as an exchange was damaged when they lost millions of dollars worth of bitcoin in the form of hack  and now this exit scam.

Trust and reputation plays a big role in long term and I think binance should have checked it like they do it for others coins, irrespective in short term it may not be good for them even if they did not listed it and other may did, but if they continue to do this way people will start moving from this exchange to other and this is not they want it. They have worked hard to reach today where they are in short time and users will expect them to continue this.

[leea-1334]

People should take responsebility for their own actions. People made the decision to invest in high risk DeFi, just like people made the decision a few years back to invest in high risk ICO's. Greed is the reason that people invest in these scam projects, let it be a lesson to them that greed rarely pays off.

And exchanges have responsibility to filter scams and useless projects, because it harms the reputation of crypto as a whole, and their own exchange too. But they too get blinded by greed and choose to take short-term profit in the form of fees over the long-term benefits. Ideally, we would have 2 types of exchanges - shitcoin exchanges like YOBIT, which list everything, and some good exchanges that list only a very small amount of coins, like maybe top 5 or top 10 altcoins, minus scams like bcash and bsv.

Greed and hope are two of the most potent combinations in gambling, added that into our human nature to make psychological miscalculations like gamblers fallacy (in the sense that because we had 2 bad years in crypto, this must be the good year).

Crypto can never shake off the bad reputations of all these overnight schemes,,, that is on us to remember as a lesson.

[shoreno]

And exchanges have responsibility to filter scams and useless projects, because it harms the reputation of crypto as a whole, and their own exchange too. But they too get blinded by greed and choose to take short-term profit in the form of fees over the long-term benefits. Ideally, we would have 2 types of exchanges - shitcoin exchanges like YOBIT, which list everything, and some good exchanges that list only a very small amount of coins, like maybe top 5 or top 10 altcoins, minus scams like bcash and bsv.

If you trust exchanges to have moral values then we will not be talking about this, CZ himself said that binance added these coins without any proper background check because they feared that they would miss the traffic if some other exchange is user friendly in perpetuating a scam. Their reputation as an exchange was damaged when they lost millions of dollars worth of bitcoin in the form of hack  and now this exit scam.

so they admit it themselve that its true . its unbelievable at first . it shocks me to see that binance owner will said that  because what i thought is that binance is different from the other that i know  .

they dont really need to do that for the traffic because thier exchange is already popular and have the most traffic that they want or maybe they are still not contented with that and wanted more so they joined the fomo .

[MI6]

I do really think that the Binance is responsible for it, their name is known in this industry and one of the most trusted and reputable they should review well all the information related to the project including the founder or of that project they were  just like the other exchanges who will list down whatever coin or project is it is as long as they will pay for the listing fee.

[shinratensei_]

Hours ago I saw news that founder of Sushi passed his project to head of FTX who is related with CZ, so it seems that CZ wants to clean his reputation with this move, now Sushi isn't potential scam project but project with reliable owner.

The problem is FTX and binance have been using their traders as the victim from the dump that has already made by the old founder of sushi swap. you should watch the full story about that and so many people have talked that this week.

The old founder was dumping his sushi but sushi has already passed to the FTX and binance was also a big investor for FTX and that means binance has the power to dictate what step that must be taken by FTX platform too.

This is shady scenario that has already planned. I may think we should avoid dealing with defi tokens to avoid the possibility to get lost caused by this crap story

[mersal]

Binance will not be facing any issues due to this exit scam because it was not related to them, they just listed that token after enough research but a token can be dumped any time if someone holds the most part of the total supply.

But no one seems learned anything from this scam, more projects are coming up and the trading volume also getting increased.

[pallang]

Im sure cz already have a plan to fix that thing. He might pump it again like there was no scam that happened. Cz is smart he can always find a cure.

[Flangler]

There is the defi token called "SUSHI" which was listed on binance a while ago. Unfortunately the founder reportedly exit scam leading to the price dropped 60% off just within 24 hours. https://news.bitcoin.com/sushiswap-founder-reportedly-exit-scams-as-sushi-token-price-tanks/. A lot of traders has gone nut on CZ Binance on Twitter claiming that he deleted some of his post about the project
 

CZ Now he thinks of himself as the boss of the crypto market. Because he has the biggest crypto exchange binance and websites like Coinmarketcap. We have contributed to getting him to this stage, but he is now abusing that power. Listing scam projects does not result in any loss when a huge listing fee is available. Binance has been saying listing fee zero in their announcement for the past few months, but I think they must have hidden fees, otherwise such shit projects have no power to be listed. So don't trust any exchange and the owner of the exchange, they will always be waiting to see how you can be trapped.

If the community is not careful, the owners of the exchange will do whatever they want. So before buying any coin you have to be extra careful and do good research about the project. Otherwise the owners of the exchange will take away your funds with  scam projects.

Btw. Cz have the habit of deleting tweets is old. He keeps tweeting nonsense, and deletes tweets when criticized by the community.

I agree with you 100% . In the past they listed only good projects worth to invest. Now they invest everything which can give them volume. This is not the Bianance I was doing nothing for.

[Saisher]

Personally, I think projects like "SUSHI" don't have real use cases and real utilities. Traders only buy because of hype and instant profit, after the market collapse there are no fundamentals that are able to sustain the price which eventually drops like hell.

99% of all altcoins don't have any utilities and use cases. It's time to wake up.

On one hand I feel like it's not the exchange's fault that the coin team pulled an exit scam. Sometimes you strike a deal with a company and they bail on you. People are different some can be trusted and some can't.

On the other hand they should put more effort into screening these tokens or they'll become another shitcoin exchange like yobit.

Cz already posted that he has no information on who are the people behind the token, why is that? he asked KYC to all his traders why not the team of the coin they listed, they must prove that they are legit and Binance know who they are dealing, they are nothing less than Yobit who will list any coin right away for a fee without checking if the coin is worth listing in their platform and who are the team behind the project, so many exchanges are doing this and Binance is already like them.

[dunfida]

Personally, I think projects like "SUSHI" don't have real use cases and real utilities. Traders only buy because of hype and instant profit, after the market collapse there are no fundamentals that are able to sustain the price which eventually drops like hell.

99% of all altcoins don't have any utilities and use cases. It's time to wake up.

On one hand I feel like it's not the exchange's fault that the coin team pulled an exit scam. Sometimes you strike a deal with a company and they bail on you. People are different some can be trusted and some can't.

On the other hand they should put more effort into screening these tokens or they'll become another shitcoin exchange like yobit.

Cz already posted that he has no information on who are the people behind the token, why is that? he asked KYC to all his traders why not the team of the coin they listed, they must prove that they are legit and Binance know who they are dealing, they are nothing less than Yobit who will list any coin right away for a fee without checking if the coin is worth listing in their platform and who are the team behind the project, so many exchanges are doing this and Binance is already like them.

Just take a look on the informations needed before a coin that would be listed out on the exchange which it do really ask lots of things and verifications for sure but
for money then its no surprise that they would simply make out exclusions.

They dont care that much as long they do able to get some liquidity and able to drag themselves to the hype then they wont really care but at least they do
give out some warnings but for a top exchange like this then its a behavior that isnt something that cant really be ignored.
Listing out projects which do have anonymous creators/owners?

[Ridwan Fauzi]

This is a learning for them to become selective in choosing a project that be launched in their platform. Binance exchange is the most popular exchange so far, I use this exchange for at least two years by now and I never found any problem although there was a time that binance exchange had hacked buy it was resolved.

I see they have a couple of time to list some DeFi's project so far and Indeed after binance's team listed the DeFi's project to be traded there will be a huge increase in the coin price. But yeah, when I saw sushi coin it was very worrying, I remember this situation when ICO project took a place and make a lot of investor got lose due to their price was decreasing a lot.