The provider of independent ratings for cryptocurrencies, Weiss Crypto Ratings, has publicly apologized to the crypto community for a false comment propagated about the cryptographic project, IOTA, via its official channel recently.
Weiss Crypto Ratings Apologizes To Crypto Community
A few hours ago, Weiss Ratings tendered an apology to the crypto community regarding its recent IOTA tweet, stating that further research that later disproved its claim was carried out.
“After IOTA team reached out to our analysts concerning our recent IOTA tweet, we conducted additional research that showed our commentary on news about IOTA was based on false premises. We apologize to crypto community for any issues this might have caused.
“Our ratings model NEVER reflects news items or commentary of them, only fundamental and technical data. To avoid further confusion, the previous tweet containing errors was deleted.”
Our ratings model NEVER reflects news items or commentary of them, only fundamental and technical data. To avoid further confusion, the previous tweet containing errors was deleted.
— Weiss Crypto Ratings (@WeissCrypto) August 31, 2020
Reacting to the tendered apology, the co-founder of IOTA, Dominik Schiener, acknowledged the diligence displayed by the popular research firm.
Schiener wrote, “Thank you for doing your own due diligence and research. Appreciate the correction.”
Weiss Crypto Ratings’ Negative Comment about IOTA
Some members of the cryptocurrency community have often accused Weiss Ratings of being biased with its periodic ratings of cryptocurrencies.
The rater was largely backlashed by IOTA community members on 17th August 2020, after tweeting that the project is probably on the verge of losing its financial stability.
According to Weiss Ratings, IOTA is at risk of going bankrupt, due to the lack of commercial use cases of IOTA Tangle. The rater specifically stated that the project is likely one of those blockchain projects that are destined to fall by the wayside.
Weiss Ratings tweeted, “IOTA is at risk of running out of cash, exacerbated by lack of commercial use cases of Tangle. As second layer apps improve, the ever-growing crypto community is ditching protocols it doesn’t want/need. Maybe IOTA is one of those projects, destined to fall by the wayside?”
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