South Korea-based Steemhunt has accused Binance of stealing Chatcasso’s product idea to launch the exchange’s AI product, Bicasso.
Major cryptocurrency exchange Binance launches beta version Bicasso This AI product is designed to help users easily convert images and text into NFTs using AI technology.
Binance accused of copying Chatcasso
According to Steemhunt members: Gum, The team pitched the Chatcasso idea at the BNB chain hackathon in December 2022 in Seoul.
chatokasso won Won 1st place in the BNB Hackathon and received a winning bid of $5,000.
“We were ecstatic to say the least.
But it seems Binance had other plans,” said ggoma.
Just two months later, Binance is said to have copied Steemhunt’s product idea and launched its AI product, Bicasso.
Ggoma voiced its displeasure with Binance’s move, complaining that the similarities in product names and features confuse users and hinder innovation growth.
The Steemhunt team has called on Binance and its CEO, Chengpeng Zhao, to take necessary steps to rectify their mistakes.
Credit should be given to Steemhunt
Members of the cryptocurrency community have expressed dissatisfaction with Binance’s approach to the launch of Bicasso.
Some Twitter users said Binance should have at least given due recognition and team credit before copying their ideas.
Twitter user Zilliboka said small businesses deserve protection to avoid cases of idea theft without compensation.
“Small businesses deserve protection and people’s ideas should be respected, otherwise innovation will suffer,” he added.
Some users have said they will not support Binance and its Bicasso project due to Chatcasso’s claims.
As of press time, neither Binance nor its CEO, Changpeng Zhao, have responded to the public allegations regarding the launch of Bicasso.