Binance accused of intellectual theft by a South Korean firm, what to expect from BNB?

Binance has been accused of stealing South Korean community platform Steemhunt’s AI-based NFT product.
A Steemhunt representative claimed that Binance’s Bicasso is similar to their Chatcasso, the similarity in features and names could stifle their innovation.
BNB price held steady despite ongoing investigations and allegations of intellectual theft against the cryptocurrency exchange platform.

South Korean blockchain-based community platform Steemhunt has accused Binance of stealing its Artificial Intelligence-based NFT product Chatcasso. Binance’s NFT product’s name is Bicasso and the similarity between the name and features could stifle the Korean firm’s innovation, according to a representative.

Also read: What to expect from Bitcoin after the big BTC price drop and massive spike in social dominance

Binance’s Bicasso similar to South Korean Steemhunt’s Chatcasso

South Korean blockchain-based community platform Steemhunt has accused Binance of stealing its AI-based NFT product. A Steemhunt representative was dissatisfied with Binance’s launch of its NFT product Bicasso, accusing the exchange platform of stifling innovation.

"Keep building " - @cz_binance said.

What he DIDN'T say - "If you guys build it well, we'll blatantly copy it and ship it as our product! "

Story of Binance stealing our project we won 1st place at the BNB Chain hackathon https://t.co/ejc5Z7w9o1
— ggoma (@0xggoma) March 2, 2023

Steemhunt therefore claims that Binance stole its product idea for Chatcasso, and launched its own product Bicasso. CZ recently announced the beta release of Bicasso in a tweet and touted it as a new generative AI-powered NFT platform.

Here’s a fun new #Binance AI product called #Bicasso

You can turn your creative visions into NFTs with AI. Give it a try and show me what you make with it.

Beta version live now, limited to 10k mints.

➡️ https://t.co/QeQS7oh9uH pic.twitter.com/22Dllhg2sP
— CZ Binance (@cz_binance) March 1, 2023

Chatcasso won first place in the BNB hackathon held in Seoul in December 2022. Chatcasso is promoted as a tool that turns creative visions into NFTs with AI and that is the same manner in which Binance is promoting its new NFT product.

Steemhunt claims that Binance’s move is unethical and confusing for users. The names are similar and at the same time, a company that claims to support innovation is stealing ideas, according to the Chatcasso representative.

The ongoing investigations in the cryptocurrency exchange and allegations of intellectual theft have had no significant impact on BNB prices. BNB is trading at $291.12 at the time of writing.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram