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Binance Sues Forbes and Two Journalists for Allegations over Tai Chi Document Leak

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One of the world’s largest digital asset exchanges Binance reportedly filed a defamation lawsuit over a “false and misleading” article that allegedly resulted in “millions of dollars” in losses.

On Wednesday, Binance Holdings Limited sued Forbes Media LLC and two other journalists for allegedly publishing a defaming article titled title “Leaked ‘Tai Chi’ Document. Michael del Castillo and Jason Brett, the two writers, wrote the article for Forbes that purports to reveals’ Binance’s Elaborate Scheme To Evade Bitcoin Regulators’.

According to the October 29th article that appeared on the Fox website, ‘Tai Chi’ document shows a well-designed scheme for intentionally deceiving United States regulators. The document describes how Binance evades US enforcement as it funnels Revenue from a particular US entity back to the company.

Binance Wants Apology and Compensation from Forbes

Binance is now demanding Forbes to pull down that article and pay it compensatory and punitive damages. Upon filing the complaint yesterday with the United States District Court of New Jersey, Binance declared that “the Story contains numerous false, misleading and defamatory statements about Binance.”

The complaint states that the document’s author Harry Zhou has never been an employee of Binance. Therefore, the company continued to claim that it did not produce the Tai Chi document and will not at any time think of implementing the things the scheme describes.

An editor’s note that was embedded within the text claimed that “Chief compliance officer Lim had previously sent an email to Forbes confirming that Zhou had been a Binance employee.” the complaint also suggests that the company sent the defendants that letter to demand a retraction, removal, and apology for the things that had transpired. The crypto exchange included the above claim in its list of “false, misleading and defamatory statements” that it gave the court. Binance is diligently pursuing this lawsuit to ensure the truth comes out so that it can preserve its reputation.

Defamation Lawsuits Barrier Is Too High

Stakeholders are waiting to see whether the defamatory lawsuit against the media organization and journalist will be successful since the bar for such cases is usually set high. The burden of proof is usually levied on the plaintiff to show that the defendant acted maliciously, knowingly making false statements, with reckless regard of whether the statements presented are true. Another issue that will make a defamation suit successful is to prove that material damage occurred as a result of the statement made. Binance hopes it will be successful in its lawsuit as it claims to have adequate proof that the news agency acted maliciously when it published the article causing it to suffer material damages ‘believed to be in the millions of dollars.’

Always Guarding Reputation

Previously, in the same month last year, Changpeng Zhao (CZ), Binance CEO, threatened to sue another cryptocurrency news outlet ‘The Block,’ over alleged false reporting. The outlet published an offending piece headlined “Binance’s Shanghai office shut down following the visit by authorities.” However, following a wide backlash over the article’s factual accuracy CZ turned down court action but just demanded the publication to “apologize.”

Binance spokesperson stated during an interview with CoinDesk that the company prefers to fight stories in the court of public opinion, specifically via social media. He went ahead to explain:

“We exercise and support freedom, including freedom of information and freedom of the press, as well as accountability. We want to assure the media that this suit doesn’t represent any threats to the reporting of Binance.”

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James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then.
An author with experience writing for tech, digital, and cryptocurrency blogs!



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Algorand (ALGO) price strengthens as institutional investors back the project

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Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong fundamentals.

One project that continues to gain traction in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has secured new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.

Big funds invest in Algorand-based projects

Raising funds is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding meant to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital, a venture capital firm, had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet raises almost $60M in crypto in regulated offering

New partnerships lure investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects across a variety of sectors that have joined up as part of the Algorand community to take advantage of the low fee, POS environment.

The nonfungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow for the minting of NFTs as well as the release of a bridge by Curvegrid that will allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other recent examples of adoption include a partnership with the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem. 

The growing list of network partnerships and investments from players in traditional finance suggests that ALGO is well-positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from it recent sharp correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.