Binance Facing Charges for Imitating Chatcasso’s NFT Project
The largest crypto exchange Binance is facing charges for 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 Binance team has denied the claims arguing that their new release Biscasso aims at transforming a new project to NFT through artificial intelligence tools. On the contrary, the South Korean crypto community, Steemhunt, argued that Binance stole Chatcasso’s creative product idea to penetrate the crowded market.
Binance Accused of Intellectual Theft
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. At the event, Chatcasso was awarded $5000 for its innovative NFT idea.
In addition, Steemhunt is a community of Web3 creators majoring in developing decentralized applications (dAPPs) to provide cutting-edge solutions for real-life challenges.
The Steemhunt community stated that Chatcasso presented a technology where users can create NFT projects using artificial intelligence tools. After the Seoul hackathon competition, the Binance team launched Bicasso on March 1, which has similar characteristics and functionality to that of Chatsacco.
Steemhunt Community Condemns Binance
According to the Steemhunt tweet, the actions taken by Binance were considered unethical. The Steemhunt community argued that the similarity in the product name would confuse the consumer. Also, the choice of the product name will slow the growth of one brand due to fierce market competition.
In support of this, Ggoma argued that Binance’s action contradicts the company’s vision and mission of upholding innovation. The Ggoma urged the Binance team to resolve the matter and support growth of other startups’ and innovations in the crypto world.
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