I saw a tweet thread being passed around about CZ wash trading BNB/Tether via bots but personally I'm unconvinced. It is a possibility, but the things he laid out are hardly proof.
( Original Thread on Twitter )
Tweet by Tweet:
- No argument, just lays out his thesis and says he will "explain how CZ uses Tether to prop his coin".
- Makes assertions that are not facts and doesn't back them up about other exchanges and bots.
- Or you know, I trade when most of those sites are down, because I trade via API because at times API's are still up when the site is down. speculation, a "could be" (and unlikely one at that) with no facts.
- Ad hominem with gif, no facts.
- Speculation, another "could be" with no factual basis
- Another "could be" with no factual basis, and yea you can retrieve enough information to be used as evidence from cloud instances. Payment for cloud server, traffic patterns and I don't mean Alexa rankings lol
- This is his only evidence at all but...
...the other sites mentioned don't allow US IP's while Binance doesn't restrict it like that.
- same as 7.
- These graphs look super fancy (not), it's actually showing something interesting but far different. Coinbase, an entry exchange, isn't as popular during a bear market as Binance, an altcoin exchange. Almost like ** gasp ** new money isn't entering the market right now, but people are still trading shitcoins (** references crypto social media and doesn't see the noobs typical of bull market shenanigans **).
- "In Reality" this is another set of baseless accusations. There are multiple accusations laid out. Each phrase is an accusation, but there is no evidence short of a link to another tweet thread with no proof too.
Both are low follower accounts with a history of posting not necessarily accurate but inflammatory information, likely in an attempt to get followers (see how that works? Accusation, assumption, no proof?)
- This chart compares Tether, USD, and "Bitfinex". Subtle huh? Not Bitcoin. Bitfinex. You can see the volume yourself at CMC. Also, while there, check out the lack of a USD pair. There is no USD pair. BNB is not on Bitfinex. That leaves literally the only option for that graph to be 100%. It's a false comparison.
https://coinmarketcap.com/currencies/binance-coin/#markets
- Ah yes, let's cite first how tether is under scrutiny then how they're being recommended for prosecution and put a tiny little picture that downplays that the "potential violation" is of NY's bitlicense nonsense, nothing to do with bots or tether, just the bitlicense.
- Moving the unlocked portion from a creator's address to another address is hardly dumping. Missed the "as suggested by CMC". Literally they're told to make a different trackable address so that CMC can separate circulating and non-circulating addresses properly. Ohh much wow.
- "CZ is Masterbotting out of his BNB holdings and he is about to cash out $250M all over your face", (along with a gif of the dude from hangover mimicking masturbation, so mature, it's apparent where his lack of ability to form a cohesive argument comes from).
Guess he forgot his point by #14. His point was how CZ was wash trading using Tether to prop up BNB. There isn't a single thing that indicates that or any of his other assertions and the little "evidence" he does have, it doesn't say what he says it does.
Further Thoughts
I'm suspicious of exchanges. I've been around since Mt. Gox. I missed my coins being on Mt Gox by sheer luck. But when people attribute these sort of machinations to billionaires and I'm left with "why".
People's motives are usually pretty clear and when you look at the "case" presented by this fudposter, you'd get the implication that CZ needs the money. CZ needs to do this to stay afloat.
Occam's Razor
It took Binance 6 months to become the biggest exchange in the world. Binance has a weird fee structure, but if you calculate their daily volume (over $1B USD worth) * their lowest fee, they're taking in over $5m per day. Obviously, not everyone's getting the lowest fee,so it's higher but that's a good threshold. CZ benefits from the bnb buyback and burn like all bnb holders. Team coins are on a vesting schedule of sorts, with certain amounts unlocking at certain times. CZ and Binance aren't hurting for money, at all, he was a billionaire within months of Binance launching, so money as a motive is weak at best, and exactly the opposite of motive at worst. These machinations would put Binance, aka CZ's cash cow, at risk. Occam's Razor holds that the simplest explanation is the most likely. This convoluted thread of what-if's is meant for attention and doesn't expose anything.