Binance CEO Changpeng Zhao on Tuesday spoke up against the propaganda or FUD (fear, uncertainty, and doubt) being spread against the crypto exchange by rivals. He, however, added that such attacks won the company allies who wanted to invest in Binance.
Zhao's message about competitors came hours after one of his biggest rivals -- founder of FTX and former CEO -- Sam Bankman-Fried was arrested in The Bahamas.
Without mentioning either FTX or Bankman-Fried, in a Twitter thread, Zhao explained how FUDs helped Binance grow.
"FUD helps us grow, even though they are thoroughly annoying. You can FUD about someone without explicitly mentioning their name, which spreads awareness. It also helps unite their supporters because it forms a common defense alliance," he wrote.
"From day 1 of the Binance ICO (5 years ago), there were FUD sponsored by a large exchange then (now very small). Articles from 'Why Binance ICO will fail' to 'CZ can’t write code' showed up magically."
From day 1 of the Binance ICO (5 years ago), there were FUD sponsored by a large exchange then (now very small). Articles from “Why Binance ICO will fail” to “CZ can’t write code” showed up magically. 2/4Related stories
— CZ Binance (@cz_binance) December 13, 2022
"We were a new startup, not able to reach all the media outlets," Changpeng Zhao added. "This 'competitor' helped us to get the word out. I had many inquiries like: 'hey, just read about you, the article is negative, but it's obviously an attack, so I want to invest in you.' Since then, there has hardly been a week going by without some FUD. We learned the ability to ignore them and keep building."
The Binance CEO also thanked his supporters and said, "We thank you for all your support over the years. And let's continue to build together."
Read more: Former FTX CEO Sam Bankman-Fried arrested in Bahamas, US to unveil charges
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