Binance CEO Denies Any Connection To Cloud Token Ponzi Scam Claiming to Speak at Consensus Event

Binance, the largest crypto exchange in the world, has recently been accused of having relations with a prominent Ponzi scheme known as Cloud Token.

According to a recent tweet made by Alex Saunders, one of the people linked to the company, a man named Ronald Aai, affirmed that he was a panelist in a recent Consensus event sponsored by Binance.

His company, Cloud Token, was identified as a scam, which prompted people to wonder if Changpeng Zhao, the famous CEO of Binance, was related to the man. Zhao answered promptly, affirming that he never met this person and that 99% of all people who claim that they work with them are scammers.

Not only there was a possible connection between Aai and Binance but also the company claimed to have a lot of money stored in Binance’s wallets. This information, specifically, was neither confirmed nor denied by Zhao, who did not mention it.

A link that actually exists is the one between Cloud token’s founder Sheng Zhao and a scam named PlusToken. The scam vanished after people deposited $2.9 billion and was quite prominent as one of the largest scams in crypto history.

People claiming to have links with Binance are not uncommon. Several scammers try to surf on the exchange’s popularity to fool investors into giving their money. One of the only targets that seem to be targeted more often than Binance is Elon Musk, who already joked about it a few times.

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Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

1 COMMENT

  1. The barrier to entry, which for people who know nothing about the technology of crypto remains daunting, is leaving the demographic crypto can most benefit most vulnerable to scam after scam after scam.
    Despite the ingrained fanaticism for decentralization, the crypto industry absolutely HAS to establish some sort of internal standards body that can both inform and police this sector.
    As it stands, who exactly does a potential ponzi victim go to for background information on these sleazeballs BEFORE risking their hard-earned cash? People outside the crypto sphere, quite justifiably, view crypto as a financial rodeo; it is up to crypto's big players to start cleaning up their act. Standing by and doing nothing before, during and after these scams happen just ain't gonna cut it. In fact, the more often CZ shrugs at other people's losses and washes his hands of any responsibility the more people are going to wonder just how clean this guy really is.

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