CAN WE TRUST BINANCE?
Have you tried buying BitTorrent Token (BTT) on Binance lately? Hopefully no, because it was known that this token is affiliated to Justin Sun, a person behind the TRON Foundation (do you remember TRON, a plagiarized project? You can refresh your memory here. Of course, the TRON stans can argue, but it’s better to watch out than to regret). Unfortunately, the numbers prove that many people didn’t notice a suspicious connection between BTT and Sun and “invested” some money in this digital asset. To make things worse we should consider that these people lost not only their money, but they lost Binance. We lost Binance.
On January 28 Binance started a crowdsale of BTT via Binance Launchpad. What was bad from the very beginning is that people were forced to buy BNB and TRX in order to participate in the sale. This scheme is quite transparent, the prices of BNB and TRX began to grow. The most disgusting thing was that at the time of official start around 28% of BTT was sold out to the unknown buyers. BNB and TRX sessions were finished successfully. Only around 360 people were able to buy BTT, while other investors had to deal with… nothing. They were trying to place orders, but Binance Launchpad refused to work. Allegedly there was a bug although many people guess that this entire situation was made up by TRON and Binance in order to manipulate prices.
When the robbery was over, Binance CEO Changpeng Zhao announced on Twitter that TRON is GENEROUSLY (!) agreed to pour some airdrops to those who placed their orders in vain. Indeed, those who didn’t succeed during the sale received 5,000 BTT a couple of days later. Excellent! So that is how much you are ready to hand in excuse to a shameless steal? Nice!
Somehow millions of tokens were sold in a flash of an eye, and then suddenly TRON and Binance chain promoted as super-fast appeared to be useless and people faced nothing except errors (“wrong” captchas, inability to hit the BUY button, and many other glitches). No wonder that some people felt betrayed: somebody took a day off to participate in this sale, people were waiting for this event for a long time, they bought TRX and BNB, only to face (intentionally?) broken Launchpad and half-assed excuses from the Twitter accounts of CZ and Justin Sun whose permanent smile in the profile picture looks like a mockery now.
So it comes that Justin Sun not only took part in some shady operation but managed to damage the reputation of Binance, too. Many people expressed justified anger towards Binance. But should we regret that? Probably it’s better to say that the unpleasant truth about Binance was revealed and we should think twice before interacting with this company again. Great job, Mr. Sun!
Please note that there already were enough disturbing stories about suspicious activity on Binance. Usually, all these stories look like a description of some system glitch. Every trader knows how important is to have the coins sold or bought IN TIME. According to disappointed users, sometimes Binance holds the coins of users against their will. Yes, you didn’t misread. There are a lot of such witness accounts on Trustpilot, you can see it yourself.
Binance is quite a young company and its decency is yet to be confirmed by history. The saddest part is that people who don’t like admitting they were scammed are ready to believe that they became victims to the glitch instead of making conclusions and keeping their coins away from the scammers.