CZ Alleges FTX Paid $43 Million to News Agency to Release Binance FUD

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Binance CEO Changpeng (CZ) Zhao alleged in a Twitter space conference that FTX paid $43 million to a crypto outlet that regularly publishes negative stories about Binance,

CZ claimed that traders with short positions are looking to “generate negative news” to improve their trades. Therefore, he is “agree” with crypto skeptics such as Peter Schiff criticizing the industry as “they don’t get it, they don’t get it”.

However, he admitted to paying attention to negative press allegedly funded by FTX. CZ said:

“I don’t think it’s going to stop, but I don’t think it’s going to bother us that much in the future.”

Binance’s CEO praised people’s ability to “make their own judgment”, stating that “people are pretty smart these days… most people aren’t fooled by clickbait stocks anymore.”

In response to another question from the audience about AI, CZ asserted that Binance uses the technology in many areas of its business. For example, around 75% of Binance’s customer support is handled through AI, along with risk management, transaction monitoring, fraud detection, and market manipulation detection.

CZ also believes that there will be further implementation of AI technology in the blockchain space with regards to analyzing data and detecting critical changes in risk.

“With machine learning becoming more and more mature and stronger, there will be more and more applications.”

Risk management has been a critical factor in the failure of many crypto exchanges and lending services throughout 2022. Therefore, the ability of AI to mitigate risk management difficulties in a complex on-chain environment could be of crucial importance for blockchain projects in the future.

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