This is a learning for them to become selective in choosing a project that be launched in their platform. Binance exchange is the most popular exchange so far, I use this exchange for at least two years by now and I never found any problem although there was a time that binance exchange had hacked buy it was resolved.
I see they have a couple of time to list some DeFi's project so far and Indeed after binance's team listed the DeFi's project to be traded there will be a huge increase in the coin price. But yeah, when I saw sushi coin it was very worrying, I remember this situation when ICO project took a place and make a lot of investor got lose due to their price was decreasing a lot.
Topic: Binance in trouble over listing scam defi token (Read 740 times)
Personally, I think projects like "SUSHI" don't have real use cases and real utilities. Traders only buy because of hype and instant profit, after the market collapse there are no fundamentals that are able to sustain the price which eventually drops like hell.
99% of all altcoins don't have any utilities and use cases. It's time to wake up.
On one hand I feel like it's not the exchange's fault that the coin team pulled an exit scam. Sometimes you strike a deal with a company and they bail on you. People are different some can be trusted and some can't.
On the other hand they should put more effort into screening these tokens or they'll become another shitcoin exchange like yobit.
Cz already posted that he has no information on who are the people behind the token, why is that? he asked KYC to all his traders why not the team of the coin they listed, they must prove that they are legit and Binance know who they are dealing, they are nothing less than Yobit who will list any coin right away for a fee without checking if the coin is worth listing in their platform and who are the team behind the project, so many exchanges are doing this and Binance is already like them.
for money then its no surprise that they would simply make out exclusions.
They dont care that much as long they do able to get some liquidity and able to drag themselves to the hype then they wont really care but at least they do
give out some warnings but for a top exchange like this then its a behavior that isnt something that cant really be ignored.
Listing out projects which do have anonymous creators/owners?
Personally, I think projects like "SUSHI" don't have real use cases and real utilities. Traders only buy because of hype and instant profit, after the market collapse there are no fundamentals that are able to sustain the price which eventually drops like hell.
99% of all altcoins don't have any utilities and use cases. It's time to wake up.
On one hand I feel like it's not the exchange's fault that the coin team pulled an exit scam. Sometimes you strike a deal with a company and they bail on you. People are different some can be trusted and some can't.
On the other hand they should put more effort into screening these tokens or they'll become another shitcoin exchange like yobit.
Cz already posted that he has no information on who are the people behind the token, why is that? he asked KYC to all his traders why not the team of the coin they listed, they must prove that they are legit and Binance know who they are dealing, they are nothing less than Yobit who will list any coin right away for a fee without checking if the coin is worth listing in their platform and who are the team behind the project, so many exchanges are doing this and Binance is already like them.
There is the defi token called "SUSHI" which was listed on binance a while ago. Unfortunately the founder reportedly exit scam leading to the price dropped 60% off just within 24 hours. https://news.bitcoin.com/sushiswap-founder-reportedly-exit-scams-as-sushi-token-price-tanks/. A lot of traders has gone nut on CZ Binance on Twitter claiming that he deleted some of his post about the project
CZ Now he thinks of himself as the boss of the crypto market. Because he has the biggest crypto exchange binance and websites like Coinmarketcap. We have contributed to getting him to this stage, but he is now abusing that power. Listing scam projects does not result in any loss when a huge listing fee is available. Binance has been saying listing fee zero in their announcement for the past few months, but I think they must have hidden fees, otherwise such shit projects have no power to be listed. So don't trust any exchange and the owner of the exchange, they will always be waiting to see how you can be trapped.
If the community is not careful, the owners of the exchange will do whatever they want. So before buying any coin you have to be extra careful and do good research about the project. Otherwise the owners of the exchange will take away your funds with scam projects.
Btw. Cz have the habit of deleting tweets is old. He keeps tweeting nonsense, and deletes tweets when criticized by the community.
Im sure cz already have a plan to fix that thing. He might pump it again like there was no scam that happened. Cz is smart he can always find a cure.
Binance will not be facing any issues due to this exit scam because it was not related to them, they just listed that token after enough research but a token can be dumped any time if someone holds the most part of the total supply.
But no one seems learned anything from this scam, more projects are coming up and the trading volume also getting increased.
But no one seems learned anything from this scam, more projects are coming up and the trading volume also getting increased.
Hours ago I saw news that founder of Sushi passed his project to head of FTX who is related with CZ, so it seems that CZ wants to clean his reputation with this move, now Sushi isn't potential scam project but project with reliable owner.
The problem is FTX and binance have been using their traders as the victim from the dump that has already made by the old founder of sushi swap. you should watch the full story about that and so many people have talked that this week. The old founder was dumping his sushi but sushi has already passed to the FTX and binance was also a big investor for FTX and that means binance has the power to dictate what step that must be taken by FTX platform too.
This is shady scenario that has already planned. I may think we should avoid dealing with defi tokens to avoid the possibility to get lost caused by this crap story
I do really think that the Binance is responsible for it, their name is known in this industry and one of the most trusted and reputable they should review well all the information related to the project including the founder or of that project they were just like the other exchanges who will list down whatever coin or project is it is as long as they will pay for the listing fee.
And exchanges have responsibility to filter scams and useless projects, because it harms the reputation of crypto as a whole, and their own exchange too. But they too get blinded by greed and choose to take short-term profit in the form of fees over the long-term benefits. Ideally, we would have 2 types of exchanges - shitcoin exchanges like YOBIT, which list everything, and some good exchanges that list only a very small amount of coins, like maybe top 5 or top 10 altcoins, minus scams like bcash and bsv.
If you trust exchanges to have moral values then we will not be talking about this, CZ himself said that binance added these coins without any proper background check because they feared that they would miss the traffic if some other exchange is user friendly in perpetuating a scam. Their reputation as an exchange was damaged when they lost millions of dollars worth of bitcoin in the form of hack and now this exit scam.they dont really need to do that for the traffic because thier exchange is already popular and have the most traffic that they want or maybe they are still not contented with that and wanted more so they joined the fomo .
People should take responsebility for their own actions. People made the decision to invest in high risk DeFi, just like people made the decision a few years back to invest in high risk ICO's. Greed is the reason that people invest in these scam projects, let it be a lesson to them that greed rarely pays off.
And exchanges have responsibility to filter scams and useless projects, because it harms the reputation of crypto as a whole, and their own exchange too. But they too get blinded by greed and choose to take short-term profit in the form of fees over the long-term benefits. Ideally, we would have 2 types of exchanges - shitcoin exchanges like YOBIT, which list everything, and some good exchanges that list only a very small amount of coins, like maybe top 5 or top 10 altcoins, minus scams like bcash and bsv.
Greed and hope are two of the most potent combinations in gambling, added that into our human nature to make psychological miscalculations like gamblers fallacy (in the sense that because we had 2 bad years in crypto, this must be the good year).
Crypto can never shake off the bad reputations of all these overnight schemes,,, that is on us to remember as a lesson.
And exchanges have responsibility to filter scams and useless projects, because it harms the reputation of crypto as a whole, and their own exchange too. But they too get blinded by greed and choose to take short-term profit in the form of fees over the long-term benefits. Ideally, we would have 2 types of exchanges - shitcoin exchanges like YOBIT, which list everything, and some good exchanges that list only a very small amount of coins, like maybe top 5 or top 10 altcoins, minus scams like bcash and bsv.
If you trust exchanges to have moral values then we will not be talking about this, CZ himself said that binance added these coins without any proper background check because they feared that they would miss the traffic if some other exchange is user friendly in perpetuating a scam. Their reputation as an exchange was damaged when they lost millions of dollars worth of bitcoin in the form of hack and now this exit scam.Trust and reputation plays a big role in long term and I think binance should have checked it like they do it for others coins, irrespective in short term it may not be good for them even if they did not listed it and other may did, but if they continue to do this way people will start moving from this exchange to other and this is not they want it. They have worked hard to reach today where they are in short time and users will expect them to continue this.
Greed has taken him over, well everyone does a mistake and some of them are not small, even Steve Jobs has done some very big mistake that gave good damage to the company when you take the risk and you go for new things there is always that kind of risk that you fail , CZ has done so well now and I think one mistake is forgivable, he brought the meaning of IEO to the market and many other things, so still working ok in my view.
And exchanges have responsibility to filter scams and useless projects, because it harms the reputation of crypto as a whole, and their own exchange too. But they too get blinded by greed and choose to take short-term profit in the form of fees over the long-term benefits. Ideally, we would have 2 types of exchanges - shitcoin exchanges like YOBIT, which list everything, and some good exchanges that list only a very small amount of coins, like maybe top 5 or top 10 altcoins, minus scams like bcash and bsv.
If you trust exchanges to have moral values then we will not be talking about this, CZ himself said that binance added these coins without any proper background check because they feared that they would miss the traffic if some other exchange is user friendly in perpetuating a scam. Their reputation as an exchange was damaged when they lost millions of dollars worth of bitcoin in the form of hack and now this exit scam. Personally, I think projects like "SUSHI" don't have real use cases and real utilities. Traders only buy because of hype and instant profit, after the market collapse there are no fundamentals that are able to sustain the price which eventually drops like hell.
99% of all altcoins don't have any utilities and use cases. It's time to wake up.
On one hand I feel like it's not the exchange's fault that the coin team pulled an exit scam. Sometimes you strike a deal with a company and they bail on you. People are different some can be trusted and some can't.
On the other hand they should put more effort into screening these tokens or they'll become another shitcoin exchange like yobit.
There is the defi token called "SUSHI" which was listed on binance a while ago. Unfortunately the founder reportedly exit scam leading to the price dropped 60% off just within 24 hours. https://news.bitcoin.com/sushiswap-founder-reportedly-exit-scams-as-sushi-token-price-tanks/. A lot of traders has gone nut on CZ Binance on Twitter claiming that he deleted some of his post about the project
CZ Now he thinks of himself as the boss of the crypto market. Because he has the biggest crypto exchange binance and websites like Coinmarketcap. We have contributed to getting him to this stage, but he is now abusing that power. Listing scam projects does not result in any loss when a huge listing fee is available. Binance has been saying listing fee zero in their announcement for the past few months, but I think they must have hidden fees, otherwise such shit projects have no power to be listed. So don't trust any exchange and the owner of the exchange, they will always be waiting to see how you can be trapped.
If the community is not careful, the owners of the exchange will do whatever they want. So before buying any coin you have to be extra careful and do good research about the project. Otherwise the owners of the exchange will take away your funds with scam projects.
Btw. Cz have the habit of deleting tweets is old. He keeps tweeting nonsense, and deletes tweets when criticized by the community.
People should take responsebility for their own actions. People made the decision to invest in high risk DeFi, just like people made the decision a few years back to invest in high risk ICO's. Greed is the reason that people invest in these scam projects, let it be a lesson to them that greed rarely pays off.
And exchanges have responsibility to filter scams and useless projects, because it harms the reputation of crypto as a whole, and their own exchange too. But they too get blinded by greed and choose to take short-term profit in the form of fees over the long-term benefits. Ideally, we would have 2 types of exchanges - shitcoin exchanges like YOBIT, which list everything, and some good exchanges that list only a very small amount of coins, like maybe top 5 or top 10 altcoins, minus scams like bcash and bsv.
Exchange has requirements before listing a project, pretty sure before they list SUSHI it has already passed all the requirements, so I think exchange here should not be blame, people should understand that there's a risk in investing and this is already part of the risk.
Just to be clear, that requirements didn't follow in terms of listing those shitfood names DeFi tokens.
Binance just listed it "to make money" according to CZ itself. It's obvious of course that there's a risk in trading or so whatever investment but it's not the point here.
They are trustworthy but not following their own terms is unprofessional. In other words, scam projects can just easily be listed by the number 1 and the biggest reputable trading platform right now as long as these scam owners pay the listing fee. When exit scam happened, Binance will just say, invest at your own risk then they are safe now from the blame.
It’s just strange that good projects like Swipe (SXP) do not receive the necessary investment, and fraudulent projects like sushi receive large investments.
Because it's getting the hype coming from Defi, and it looks like scam projects do a great job of marketing 
. I have also seen a lot of scam projects being fomo and causing many people to lose money, but meanwhile good projects are too quiet and too few people know about it. it means that whenever a team can pay for it, they can be listed on the big market and can take advantage of it despite not showing the profiles. it could just be one in a million situation for binance but it can happen again if the project is a defi that many of the people will think it has potential because of the hype. i really think binance will once again add defi tokens soon. reputation is at stake now.
Any hype project so easily registers on a major exchange like Binance. They don't want to miss the crazy volume on uniswap and don't care if the exchanges reputation will decline. Hype Defi is an exception to all the strict requirements and he will feel the impact of the real hype madness. It was not binance fault to list scam projects that has a big volume of trade.. Binance list their project because they paid binance for listing their projects which mean they have money for listing. So we need to be careful as now we cannot think all project listing at binance is all legit now.
it means that whenever a team can pay for it, they can be listed on the big market and can take advantage of it despite not showing the profiles. it could just be one in a million situation for binance but it can happen again if the project is a defi that many of the people will think it has potential because of the hype. i really think binance will once again add defi tokens soon. reputation is at stake now.
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