Binance’s Plagiarism Shenanigans: A Crypto Saga Unfolds

What Happened?

The crypto world was shaken by recent accusations from BitMEX against Binance for allegedly plagiarizing their documentation in the launch of Binance’s futures testnet. The whole affair erupted on September 4 when BitMEX couldn’t resist throwing some shade on Twitter, tweeting, “Congrats on the Testnet Futures launches @binance. Glad to see you enjoyed reading our documentation as much as we enjoyed writing it!” Talk about throwing down the gauntlet!

A Screenshot Showdown

To up the ante, BitMEX attached screenshots that showcased how Binance’s explanation of their Auto Deleveraging system was nearly identical to BitMEX’s original text. If they weren’t careful, they might as well have just photocopied it! The Twitter community collectively gasped at the blatant mimicry—cue the dramatic music.

Time to Own Up

Binance’s CEO Changpeng Zhao didn’t act like a deer in headlights when the accusations hit; instead, he took it on the chin, confessing, “Shame on us. Sorry about that. Missed this in the DD process before the acquisition (didn’t read the BitMEX docs ourselves). Will fix/remove ASAP.” It’s refreshing to see someone admit when they’ve stumbled, much like your friend owning up to eating the last slice of pizza.

Social Media Circus

The incident whipped up a frenzy on Twitter, with the crypto community rallying around CZ’s honesty. Some users even defended the practice, suggesting that in the fast-paced crypto market, shortcuts are sometimes taken in the rush to innovate. Because hey, why develop your own version when you can just take a quick peek over the neighbor’s fence?

BitMEX: More Than Just a Comedian

Arthur Hayes, CEO of BitMEX, kept the mood light with a meme that wisely pointed out that if one is going to copy-paste, they should do so with a touch of finesse. This incident comes amidst a string of challenges for BitMEX, including scrutiny from industry critics and investigations from the U.S. Commodity Futures Trading Commission (CFTC). Just another day in the wild world of crypto!