Indian blockchain company 5ireChain found under the spotlight after a social media post featuring Binance co-founder and CEO Changpeng Zhao (CZ) was criticised for being misleading. The post, now deleted, included a photo of Zhao alongside 5ireChain’s CEO, Pratik Gauri, taken during an event. Both men were smiling and posing with their hands behind each other’s backs.
The caption of the post read, “What’s cooking?” accompanied by a handshake emoji, suggesting the possibility of a significant development or partnership between the two leaders.
Zhao was quick to refute any implications of a collaboration, clarifying that the photo was taken during a chance encounter and that no conversation had occurred between the two. In a direct response, he stated, “This is exactly how NOT to use a selfie with me. Nothing is cooking. Didn’t even have a chat. Just a selfie at an event.”
Following Zhao’s clarification, 5ireChain removed the original post and replaced it with a new one that provided context.
The updated caption stated: “Note: This post is not intended to imply any collaboration or partnership between our Founder & CEO Pratik Gauri and Changpeng Zhao. It is purely an appreciation post from our founder to recognise CZ’s unparalleled contributions to the blockchain and crypto industry. Truly a legend.”
In a follow-up statement, Zhao cautioned against the misuse of images for promotional purposes, warning the public to scrutinise such actions closely. He wrote, “You should be alarmed if a person/project uses a selfie with someone else as promotional material. Posting selfies when I meet someone I like/admire is normal. But I would never use that to promote my project unless with explicit permission.”
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