Korea-based Steemhunt has accused Binance of stealing their product idea for Chatcasso to launch the exchange’s AI product- Bicasso.
Leading crypto exchange Binance launched the beta version of Bicasso on March 1. The AI product was designed to allow users to easily turn their images and texts into NFTs using AI technology.
Binance accused of copying Chatcasso
According to Steemhunt member- ggoma, the team pitched the idea for Chatcasso during the BNB Chain hackathon held in Seoul back in December 2022.
Chatcasso won first place in the BNB hackathon and received the winning price of $5,000.
“We were ecstatic, to say the least. We thought our hard work paid off, and that we had a great product foundation we could keep building on.
But it seems like Binance had other plans,” ggoma said.
Barely two months after, Binance allegedly copied Steemhunt’s product idea and launch their AI product- Bicasso.
Chatcasso vs Bicasso
Ggoma expressed dissatisfaction with Binance’s move and complained that the similarity in the product names and features will confuse users and hamper the growth of their innovation.
The Steemhunt team has called on Binance and its CEO Chengpeng Zhao to take the necessary steps to right their wrongs.
Credit should be given to Steemhunt
Members of the crypto community have expressed dissatisfaction over Binance’s approach to launching Bicasso.
Some Twitter users said that Binance should have at least given due recognition and credit to the team before copying their idea.
A Twitter user- Zilliboka- said that small businesses deserve to be protected to avoid cases of stealing their ideas without compensation.
“Small businesses deserve protection and people’s ideas should be respected. If not innovation will suffer,” he added.
Some users have also stated they would not support Binance and its Bicasso project due to Chatcasso’s claim.
As of press time, neither Binance nor its CEO Changpeng Zhao has responded to the public allegations trailing Bicasso’s launch.
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