Binance CEO, Changpeng Zhao, Attributes his Wealth to Extortion
The quest of Craig Wright to be recognized as the anonymous Satoshi Nakamoto has landed him in court. Although Wright’s case is publicly debatable.. Read story on Adrypto.com
The cryptocurrency industry is full of drama with some looking to make a name for themselves and others seeking to clean their image. For example, Craig Wright has been raving about being Bitcoin’s anonymous creator. Wright’s quest to be recognized as the anonymous Satoshi Nakamoto has landed him in court. Although Wright’s case is publicly debatable, others like Changpeng Zhao may not be as clean as they portray.
CZ is far from being clean
Changpeng Zhao, who is the CEO of Binance, has been over time been involved in questionable practices. For example, the CEO has more than once been accused of extorting cryptocurrency projects if they needed to be listed on Binance.One of this extortion incident happened in 2018 when two projects were not listed despite been voted by the Binance community.
According to a Medium post:“
For those who are unaware during the voting for round 6 of the community vote on Binance, Elastos and Wepower were neck to neck in the race for a listing with over 40K votes until the last minute when Elastos won with 150K votes. A few days later, Binance [CEO] came out with a tweet and disqualified both Elastos and Wepower and listed Zilliqa instead.”
Unfortunately, even after CZ cited “controversy over community voting” his exchange later listed Wepower. As it seems, Elastosrefused to honor CZ’s request to pay for the listing fees. But, Wepower, despite losing in the voting completion, bowed down on CZ’s listing fee request thereby securing a slot on the exchange.
Community discussions reveal the same
A scan on the community discussion on social media platforms reveals that Elastos was not the only project CZ was extorting listing fees. Early this year, the CEO of Binance extorted Digibyte (DGB) and VTC.
In a tweet, Miata13B, while replying to CZ, said:
“Lol, this makes me laugh, you try to extort truly decentralized projects like DGB and VTC. And now you are encouraging your community to try and silence those that bring this information to light?”
On Reddit, the community was also not happy with CZ’s extortion actions. A Redditor noted;“WOW, I’m speechless! These are the type of people that are trying to keep us back, fighting inevitable new and transparent age upon us! To their detriment and final demise by their own hand I say.”
A general scan on the discussions on social media platforms reveals that CZ, although trying to command respect in the crypto space, extortion has been part of what made him a billionaire in less than a year. CZ was featured in Forbes’ Feb 2018 issue. As noted by the Redditor, “to their detriment and final demise by their own hand, I say.”
Did you like the story? We would love to know about your views about this story. If you have anything to add in the story please write in the comment box.