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Binance CEO: Disgruntled Users ‘Salty’ After BitTorrent ICO Debacle

2 mins
Updated by Dani Polo
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Malta-based cryptocurrency exchange Binance has found itself in hot water over the recent listing of the Tron-backed BitTorrent digital currency, which currently trades under the BTT ticker.
Users on social media websites, especially Twitter, did not respond positively to the news — for a few different reasons. While some claimed that the token was only sold to a very small and exclusive pool of investors, others expressed displeasure at a technical outage that prevented them from purchasing BTT tokens on the exchange. The drama first unfolded when Binance announced the successful listing of BTT on its platform. Notably, Binance’s Launchpad was selected as BitTorrent’s exclusive token launch platform and held the initial coin offering (ICO) sale of BitTorrent tokens on Jan 28, 2019. BTT could be bought in exchange for Binance’s own BNB token, as well as Tron coins (TRX). An additional airdrop of BTT was given out to users that were not able to purchase the tokens during the outage. Each user received 5,000 BTT as compensation. At an exchange rate of 0.00001824 BNB per BTT, many on Twitter claimed that the reimbursement was not even enough to cover for Binance Coin’s volatility before and after the sale. Others expressed concerns over the token sale being accessed by a very small subset of the eligible user base. While Binance did not disclose any exact figures, the per-person purchase limit allowed users to purchase a rather large percentage of the available supply. The exchange’s CEO, Changpeng Zhao, later said that the decision was made on the end of Launchpad and not Tron or BitTorrent. Zhao also did not spare the opportunity to call out the criticism on Twitter, calling disgruntled responses “salty.” Did you miss out on a chance to buy BTT on Binance Launchpad? What do you think of Zhao’s response? Let us know your thoughts in the comments below!


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Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance...