Binance in trouble over listing scam defi token

[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

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[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.