Justin Sun paid someone to make memes clowning The Block crypto news outlet

Coindesk talked to the a Twitter user who was paid by Justin Sun to make ‘derogatory memes’ against The Block staff members. This was a result of Changpeng Zhao and Justin Sun being upset about The Block reporting that a Binance office in Shanghai was raided and shut down in early December.

Sun is involved in buying Poloniex, founder of TRON blockchain network, and CEO of BitTorrent. Zhao is the CEO of Binance and founder of BNB. The two could be considered competitors but are closer than one might assume. Binance has had complete control over TRON’s voting system for a while now.

They both teamed up against The Block after Zhao denied their reports of a Shanghai Binance office existing, and being shut down after raids. Both Zhao and Sun offered 100 Bitcoin to begin a fund aimed against news that could hurt the crypto market. Zhao also threatened to sue The Block in via Twitter, but the topic hasn’t been brought up since.

In fact, last night, Frank Chaparro posted announced an upcoming interview with Catherine Coley, CEO of Binance.US. The podcast has not released yet but commenters are wondering whether or not they touched on the Binance drama.

$1000 of that 100 BTC fund was used to hire meme-maker and TRX investor, Tommy Mustache to make create some anti-The Block pictures. Here’s what he came up with.

The Block derogatory meme

Mr. Mustache told Coindesk why he decided to give to take the cash.

“Investors like me are getting hurt [by rumors] and we are sick of it.”

With long term investments in TRX and BNB, it’s easy to see why he’s frustrated. Cryptocult does not condone harassment in any way whatsoever, but Mike Dudas and Frank Chaparro have been good sports throughout this, posting some of the memes themselves.


Binance CEO says that they will be suing The Block after reports of police raids in Shanghai

Binance CEO, Changpeng Zhao just tweeted in response to a follower confirming that they will sue The Block for printing accusations that they consider to be false.

“Instead of apologizing to the community for the fake headline news of the non-existent “police raid”, which damaged our reputation, and $btc price, theBlock now tries to argue if there was an office, if CZ had a meeting… who cares? Own up & apologize for your mistake.” – Changpeng Zhao

Binance and The Block have been at odds all day after The Block posted a story about a Binance office in Shanghai being shut down after police raids. Zhao denied the existence of the office and said that police raids never happened.

After the denial, The Block clarified in their original article that police raids were reported from sources, and others said that it never happened. They doubled down on the existence of an office by posting pictures and locations of Binance offices in Shanghai.

Zhao, along with Justin Sun pledged 100 BTC to fight “FUD” which can be interpreted as fake news. In reality, FUD is press that instigates fear, uncertainty and doubt particularly in a market. Zhao blamed The Block for drops in the price of BTC.

CEO of The Block, Mike Dudas responded to the threat of starting a fund against journalists.

Two of the wealthiest men in cryptocurrency plan to raise a “FUD fighting fund” worth more than $1 million, presumably to wield as an implicit threat against journalists who report facts that run contrary to their business interests” – Mike Dudas

Zhao did not specify what legal approach Binance will take when suing The Block.

Binance CEO pledges $1 million to fight “FUD” news

This week, Binance was accused of shutting down their Shanghai office after a police raid. Changbeng Zhao, CEO of Binance has been adamant about the reports being rumors, and now he has doubled down by joining a fund to fight “FUD.” It started with a tweet from Zhao suggested when raising funds for a crypto project, to put aside funds to fight “FUD,” to which Justin Sun responded that he would donate 100 BTC to the cause.

CEO of the Block, Mike Dudas responded to the thread, saying,

“Two of the wealthiest men in cryptocurrency plan to raise a “FUD fighting fund” worth more than $1 million, presumably to wield as an implicit threat against journalists who report facts that run contrary to their business interests.”

Zhao’s usage of the term FUD refers to news that triggers fear, uncertainty and doubt. In the crypto space, saying FUD can be interchangeable with the term “fake news” which can either be derogatory and dismissive towards a journalist’s work, or genuinely imply that their analysis is false.

Starting a fund to combat journalism is controversial because it is unclear where that money would go. Two obvious methods of combatting the press are to either bribe them not to print a piece, bribe other media outlets to print contradicting pieces, or to bribe contradicting sources to make statements.

The Block originally reported the story about police raids , and has since noted that new sources have come out saying that raids never happened. Still, Zhao persists that there is no, and has never been a Shanghai office even though The Block claims to have seen photos of it.

“No police, no raid, no office. Hope you didn’t pay to read that FUD block.” – Changpeng Zhao

Binance FUD fund UPDATE:

Zhao announced on Twitter that they will sue The Block. This is likely what he was referring to needing the FUD funds for.