The impact of FUD and artificial intelligence on crypto was discussed with the CEO of Binance during a recent Twitter AMA.
Binance CEO talks about FTX
Binance CEO Changpeng (CZ) Zhao claimed during a Twitter space talk that FTX paid $43 million to a crypto news outlet that regularly posts negative articles about Binance.
CZ claimed that traders with short positions were trying to ‘generate negative news’ to improve their trading. As such, it’s ‘good’ to crypto skeptics like Peter Schiff, who criticizes the industry as ‘they don’t understand, they don’t understand’. However, he admitted that he paid attention to the negative press allegedly funded by FTX. CZ then made the following statement:
“I don’t think it will stop, but I don’t think it will bother us that much in the future.”
Binance CEO praised people’s ability to ‘judgment themselves’, saying that ‘people are pretty smart today… most people are no longer fooled by clickbait headlines’.
CZ said they are using artificial intelligence
In response to another audience question about AI, CZ claimed that Binance uses this technology in many parts of its business. For example, roughly 75% of Binance’s customer support is done through artificial intelligence, along with risk management, transaction monitoring, fraud detection and market manipulation detection.
CZ also believes that artificial intelligence technology will be applied further in the blockchain space as it relates to analyzing data and detecting critical changes in risk. Binance CEO ‘As machine learning becomes more and more mature and more powerful, there will be more and more applications.’ said.
Risk management was a critical factor in the failure of many crypto exchanges and lending services throughout 2022. Therefore, the ability of AI to reduce the challenges of risk management in a complex on-chain environment could be crucial for future blockchain projects.
FTX’s new CEO made statements
Bankrupt crypto exchange FTX is exploring the possibility of reviving its business, he told the Wall Street Journal on Thursday. Ray, who took the reins in November, said in an interview with the WSJ that he has formed a task force to investigate the reboot of the company’s main international exchange, FTX.com.
The CEO also told the Journal that he will explore whether reviving FTX’s international exchange could add more value to the company’s customers than if his team simply liquidated assets or sold the platform.
However, as we stated as Kriptokoin.com, the future of customer funds remains uncertain. FTX said in a report to creditors earlier this week that hackers have stolen about $415 million in crypto from international and US exchanges since its bankruptcy in November.
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