The largest crypto exchange Binance is facing accusations of intellectual theft after allegedly copying an AI-powered non-fungible token (NFT) project submitted by Chatcasso at the BNB hackathon event last December. Chatcasso, an AI development firm, claimed that Binance’s latest technology Bicasso closely imitated their NFT project presented in Seoul.
The South Korean crypto community, Steemhunt, argued that Binance stole Chatcasso’s creative product idea to penetrate the crowded market. A tweet from a Steemhunt member revealed that he discovered the Chatcasso creative idea at the BNB Chain Hackathon event, where the company emerged as the prize winner.
Binance has denied the claims, arguing that their new release Biscasso aims at transforming a new project to NFT through artificial intelligence tools. The company stated that they have not copied any intellectual property from Chatcasso and that their technology is unique.
The allegations of intellectual theft have caused a stir in the crypto community, with many calling for an investigation into the matter. Some have even suggested that Binance should be held accountable for their actions and that they should compensate Chatcasso for their loss.
The incident highlights the importance of protecting intellectual property in the crypto industry. As the market continues to grow, it is essential that companies respect the creative ideas of others and avoid copying them without permission.
The case is ongoing, and it remains to be seen how it will be resolved. However, it is clear that the allegations of intellectual theft have caused significant damage to Binance’s reputation, and the company will need to work hard to regain the trust of the crypto community.
