- Crypto fake news is becoming a rising issues, although under-lighted.
- Binance Chief Chengpang Zhao calls out Coin Telegraph for misquoting him.
- The examples reflects on how news turn into crypto fake news.
On the 22nd of October, one of the leading cryptocurrency news outlet Coin Telegraph (CT) published news quoting Binance chief Chengpand Zhao (CZ). The news explained that the crypto celebrity believes that a central bank digital currency (CBDC) can threaten Bitcoin dominance. Given that Coin Telegraph is one of the most authentic platforms the news appears to be fine and nothing wrong there.
The irony became when hours later CZ took on to Twitter to explain that the stance presented in the CT news is misleading, out of context, and misrepresentation of his stance. He published the link to his official interview for Fortune.
CZ didn’t stop there though, he went on to explain that even the Fortune article is slightly out of context when it comes to the headline and his stance differs on that front as well. The article carries a video with his full interview and anyone listening can clearly identify the issues.
For starters, Coin Telegraph being a cryptocurrency news outlet should have been very careful in quoting CZ believes that a CBDC can topple Bitcoin. In the interview, CZ is clearly heard saying that a “cryptocurrency” backed by any government that provides similar liberties as Bitcoin can threaten the king’s dominance.
Similarly, the Fortune headline also exaggerates CZ’s stance that BitMEX serves as an example for other exchanges rather than a “wake up” call since Binance is all for regulations and abiding by the laws.
The beginning of crypto fake news
The example is a good way to see what is exactly wrong in the cryptocurrency news arena. One slight change in the context, or the terminology can lead to drastic change of opinion. Given that these small mistakes can cause thousands and millions if not billions to the users the severity of the matter cannot be downplayed.
The inception of crypto fake news is mainly rooted in outlets trying to take precedent in the news readership and trying to get more hits. In such attempts, the ethos and authenticity factors are often overlooked causing a sway from the original and only God knows where the ball stops rolling. CZ calling out CT is an isolated incident when it comes to catching crypto fake news.
In the past, a couple of blockchain-based startups have focused on catching these bad news in the market, however, practically speaking once the news is out and the damage is done it is hard to rectify.