Media: fake video about Bitcoin manipulation on Binance appears on WeChat


A video showing an order to sell 21 million BTC on Binance appeared on WeChat, a popular media platform in China. It went viral and provoked bitcoin exchanges Binance, Huobi and OKEx to exchange claims, CoinDesk writes.

The video shows the nervous market reaction to the alleged placement of an order by the seller. This has led to accusations of “market manipulation” by some Binance users.

Blockchain analysts from CipherTrace and CryptoQuant polled by the publication denied placing an order of this size on the platform. According to the Bitcoin emission schedule, 21 million BTC will be mined by 2140.

Binance Marketing Director Yi He saw the appearance of the fake video “the intrigues of competitors.”

“I wasn’t going to answer because I thought no one would believe it. Considering how our competitors “did” by posting it [видео] in every group chat, I just wanted to show them my “appreciation” – she clarified.

Picks between Binance, Huobi and OKEx have arisen before, the newspaper writes. According to sources, competition between exchanges has intensified since the launch of derivatives. The interlocutors believe that the unfair struggle will continue, and its consequence may be an increase in FUD sentiment among retail players.

According to Ciara Sun, Vice President of Global Markets at Huobi Group, the company does not rely on misleading marketing tactics that can undermine community confidence.

Jay Hao, head of OKEx, noted that exchanges often face similar accusations. He expressed regret that investors are still reacting to fake videos. The latter, according to him, do not stand up to criticism.

“Regardless of how mature the cryptocurrency space has matured, there will always be interested third parties who seize the opportunity to cause panic among traders,” said the head of OKEx.

Earlier, Forbes posted material that talks about Binance’s alleged plan to use the US unit to distract the attention of regulators and extract hidden profit from users.

After the publication, the exchange filed a lawsuit against the publication and the authors of this article.

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Karice Dabule

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