Binance CEO Once Again Denies Any Cloud Token Relations Due to ‘Fake Picture’ of Ponzi Scheme


The world’s biggest crypto exchange, Binance, is the latest target of a pyramid scheme using renowned crypto-based companies and individuals to propagate their fraudulent activities. This is after the company was targeted by a company accused of running a crypto ponzi scheme in Singapore.

In a tweet, Alex Saunders, the CEO and founder of Nuggets News, said that Cloud Token was using Binance’s name to lure their next victims.

Saunders Posted a photo where the CTO of the Cloud Token named Ronald Aai was alleged to have been one of the invited panelists during an upcoming Consensys event.

As per the image, the suspicious firm claimed this to be ‘huge boost’ claiming that it will enhance their credibility. Saunders urged the CEO Changpeng “CZ” Zhao to help in squashing the imminent theft of innocent crypto believers.

The Binance CEO was quick to respond to Saunder’s concerns stating categorically that he has nothing to do with the fraudsters adding that he also does not know them or the pyramid scheme. CZ also clarified that 99% of people who claim to be working with Binance are scammers.

Most of crypto traders and investors have fallen into the traps of high-end marketing scams in the recent years. For instance, about $1.7 billion worth of cryptos was lost by investors to firms that claimed they would multiply their ‘investments’ in a few days.

The scammers have become smarter over time and are going the extra mile to making a scam look legitimate such as claiming to have relations with reputable crypto-based companies to gain their target victims’ trust.

In the past, PlusToken has been accused of orchestrating perhaps one of the largest crypto pyramid schemes in history. The company was accused of stealing about $2 billion worth of Ether tokens. It is important to note that one of Cloud Token founders, Sheng Zhao, has relations with PlusToken, Behind MLM reports.

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