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.
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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.
— ggoma (@0xggoma) March 2, 2023
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
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
— CZ Binance (@cz_binance) March 1, 2023
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
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
