Binance Accused of Stealing BNB Chain Hackathon Winner’s Idea
Chatcasso, a team of developers, was declared the winner of the BNB Chain hackathon for its groundbreaking AI-powered NFT creation tool.
However, just two months after awarding Chatcasso the top prize, cryptocurrency exchange Binance has been accused of “blatantly” copying the tool and launching its own AI-based NFT creation tool, Bicasso.
On March 1, Binance CEO Changpeng “CZ” Zhao announced the launch of Bicasso, which can be used to “turn your creative visions into NFTs with AI.”
BICASSO first pilot just completed with 10K NFT minted in 2.5 hours. The AI was a little stressed out, but caught its breathe now. 😂 https://t.co/BBRevAdIUc
— CZ 🔶 BNB (@cz_binance) March 1, 2023
However, a community member named “ggoma” noticed that the user interface and capabilities of Bicasso were strikingly similar to the Chatcasso project, which was awarded first prize in the BNB Chain hackathon.
"Keep building 🔨" – @cz_binance said.
What he DIDN'T say – "If you guys build it well, we'll blatantly copy it and ship it as our product! 🤡"
Story of Binance stealing our project we won 1st place at the BNB Chain hackathon 👇🏻 https://t.co/ejc5Z7w9o1
— ggoma 🍌 (@0xggoma) March 2, 2023
Chatcasso’s victory at the hackathon earned them $5,000 in Binance USD for creating an AI-powered tool for creating NFTs. The Chatcasso project impressed the judges with its innovative use of AI technology to create unique NFTs. They were declared the competition winner. However, just two months later, Binance launched Bicasso, an AI-based NFT creation tool that many believe is a copy of the Chatcasso project.
Binance has dismissed accusations of plagiarism, stating that Bicasso is an experimental project built by a small team at Binance as a test and that NFTs and AI are common concepts worked on by many industry players. They have also clarified that the Bicasso name was inspired by the OpenAI tool “Dall-E,” referring to the artist Salvador Dali and that their team loved this concept.
Despite these explanations, many in the community believe that Binance copied and promoted the Chatcasso project as its own. The similarities between the two projects are striking, and some have accused Binance of stealing Chatcasso’s innovative ideas. Community member “ggoma” was shocked to see such a big company like Binance copying everything down to the name. “It’s not only unethical, but it’s also confusing for users. The names are so similar that it’s hard to tell them apart,” they stated.
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This whole episode has left many in the community skeptical of entering hackathons in the future. If a market leader like Binance can rebrand innovative ideas at a later stage, it sends a message to developers that their hard work can be taken advantage of.
“We hope that Binance realizes the impact of their actions and takes steps to right their wrongs,” ggoma added while warning builders that “there are companies out there who will try to take advantage of your hard work.”
Binance’s Bicasso has become an instant hit among NFT investors. The AI-powered NFT generator recorded 10,000 mints in just 2.5 hours. However, the controversy surrounding Binance’s alleged plagiarism has left many wondering if the company will face any repercussions for its actions. Only time will tell if Binance will be held accountable for copying the Chatcasso project or if they will continue to enjoy the success of Bicasso without any consequences.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
