Crypto Futures Giant Fight Continues: BitMEX Blames Binance For Copying (Take Two)
The plagiarism saga between BitMEX and Binance, perhaps the two most prominent cryptocurrency exchanges in today’s market, keeps going with full force. After Changpeng Zhao tweeted that a certain market maker has tried to attack their futures platform and no one got liquidated because of their “innovation”, citing their liquidation policy, the CEO of BitMEX, Arthur Hayes, responded immediately that he’d give him a Copy/Paste course for 51% of his equity.
BitMEX’s Arthur Hayes Strikes Again
Earlier today, the CEO of the world’s leading cryptocurrency exchange, Changpeng Zhao, revealed that their relatively new futures platform was under attack by a market maker. Fortunately, however, no one got liquidated.
Zhao revealed that the reason for this is that they “use the index price (not futures prices) for liquidations,” calling this methodology their “innovation.”
What followed was a wave of comments that this is, by no means, Binance’s innovation as BitMEX has had its liquidations tied to the index price for a long time.
Naturally, the CEO of BitMEX, being the persona that he is, didn’t wait for too much to comment on the matter.
Next time I’m down in Singapore @cz_binance please attend my running a crypto derivatives platform 101. I teach advanced cntl+C cntl+V methods. Price of entry … 51% of your equity. https://t.co/RYGkf4aJih
— Arthur Hayes (@CryptoHayes) September 16, 2019
Zhao responded to his tweet, saying that his tweet was, indeed, misleading “in the way it was written.” He explained that he didn’t mean to call the index price liquidation methodology their innovation.
Not so long after that, the official Twitter account of BitMEX posted that it’s “great to see traders on other exchanges being protected and benefitting from our innovation.” Regardless of the intention, this tweet definitely seems particularly targeted.
How It All Started
The entire back-and-forth tweet exchange between two of the most prominent individuals in the entire cryptocurrency space, namely Arthur Hayes and Changpeng Zhao, began earlier this month.
As Binance announced the launch of two futures testnet platforms and acquired a crypto-asset derivatives platform, intending to launch cryptocurrency futures, options, and other derivatives, it also created a separate page on Auto Deleveraging.
As it turned out, however, the content within that page was entirely plagiarized by the same page which already existed on BitMEX.
Back then, Zhao said that he is sorry about this mistake and that it has been missed in the due-diligence process before the acquisition of the derivatives platform.
Regardless of whether or not the face-off between Hayes and Zhao has any actual implications on the market, it’s definitely refreshing and, as one user had pointed out, it takes some of the attention away from the constantly ongoing Bitcoin v. Ethereum debate.
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