A simple story escalated into a Twitter free-for-all, when certain reporters from eminent publications, asked Binance Chief Executive Officer (CEO) Changpeng Zhao to use his voice against corrupt forces in the cryptocurrency industry.
It all started when Zhao shared a report by Bitwise, saying, “Excellent report. Sadly, most investors who can’t tell real vs fake volumes also won’t read such a detailed report.” In response to that, Larry Cermak, the head analyst at The Block responded, “Maybe you should more proactively speak against CoinMarketCap as the primary source of information for people looking at volumes. That seems to be the main issue.”
I tend to stay on the solutions side only.
Theblock seem to just attack exchanges with real volume one after another, while ignoring exchanges with fake volume, etc.
If you are in this industry, you should try to help it grow, not attack others who do.
— CZ Binance (@cz_binance) March 23, 2019
Not happy with being told what to do, Zhao said, “I tend to stay on the solutions side only. Theblock seem to just attack exchanges with real volume one after another, while ignoring exchanges with fake volume, etc. If you are in this industry, you should try to help it grow, not attack others who do.”
While the above statement is not completely wrong, highlighting the problems is a part of an influencer’s job. Media reports are one way to usher in transparency, but influencers can and should call out bad actors in an industry which is built on the principles of transparency and equality.
Cermak echoing the same point made above stated, “Then you must not be paying enough attention. We have written multiple reports about exchanges that fake volume – I can send you a lot of examples. We judge every company by the same criteria. You’re saying that we should ignore when there are issues with legitimate exchanges?”
CZ, then took the route that most people do, when they don’t have an authentic reply. He said, “Larry, we did interviews in the past, you used to be a good and positive. Stay positive.”
Mike Dudas, who is Cermak’s colleague at The Block, jumped in the fray saying, “The Block doesn’t “attack.” We critically report on important issues. And the legitimate exchanges are the most important ones by a long shot. It’s a well reported and well known fact who the bullshit exchanges are to our experienced reader base. No point flogging topic to death.”
When CZ accused The Block of calling him a scam, Dudas, said, “I didn’t call YOU a scam. Misrepresenting my words: classy “buddy”.” He added, “I am extremely uncomfortable with the way you represent and market $BNB. As are many others. This ecosystem needs some balance to your celebrity pumping of the token. It needs critical thought and evaluation. Our team has provided that and then been blocked by you (@arjunblj).”
While, this is not the first time, CZ has lambasted the media, but this may have been one of the first times, he has called out a crypto media publication. In December he had said, “Remember all the media coverage that was shilling blockchain/crypto, directly or indirectly encouraging people to invest, near the ATH, and are now bashing it. Wouldn’t it make more sense if they did the reverse?”