Media: Fake WeChat video alleging Bitcoin manipulation on Binance circulates

A video on the popular Chinese media platform WeChat appeared, showing an order to sell 21 million BTC on Binance. It went viral and spurred Binance, Huobi, and OKEx to exchange accusations, according to CoinDesk.

The video shows the market’s nervous reaction to the alleged placement of the order by the seller. This provided grounds for some Binance users to accuse the exchange of market manipulation.

Blockchain analytics firms CipherTrace and CryptoQuant, interviewed by the publication, rejected the existence of such an order on the platform. According to the Bitcoin issuance chart, 21 million BTC will be mined by 2140.

Yi He, Binance’s chief marketing officer, saw in the appearance of the fake video the machinations of competitors.

“I wasn’t going to respond, because I thought no one would believe it. Given how our competitors have “worked,” posting it [the video] in every group chat, I just wanted to express my gratitude to them,” she clarified.

The rivals between Binance, Huobi and OKEx had flared up before as well, the publication notes. According to sources, competition between the exchanges intensified after the launch of derivatives. Interviewees believe the unsportsmanlike battle will continue, and its consequence could be a rise in FUD mood among retail traders.

According to Siara San, vice president for global markets at Huobi Group, the company does not rely on misleading marketing tactics that could undermine the community’s trust.

The OKEx chief Jay Hao noted that exchanges frequently face similar accusations. He expressed regret that investors still react to fake videos. In his words, the latter do not withstand any criticism.

“Regardless of how mature the cryptocurrency space is, there will always be interested third parties who will seize the opportunity to panic traders,” said Jay Hao, head of OKEx.

Earlier Forbes published a piece describing the purported plan for Binance to use its US subsidiary to distract regulators and extract hidden profits from users.

Following publication, the exchange filed a lawsuit against the publication and the authors of this article.

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