Binance co-founder Changpeng “CZ” Zhao took to social media on Monday to counter a series of allegations he called “pretty imaginative FUD” aimed at himself and his former exchange as the main culprit behind the dismal crypto price action.
FUD – short for “fear, uncertainty and doubt” – is a term widely used in crypto to describe the spread of false, misleading or exaggerated information that causes panic in the market. It has also been used to dismiss criticism, even legitimate ones, that could harm businesses.
In an article on Monday
“If I had that power, I wouldn’t be on Crypto Twitter with you,” CZ joked, responding to sarcastic comments blaming him for derailing the so-called crypto supercycle – the long-awaited rise in digital asset prices driven by adoption and macroeconomic trends. The confusion appears to stem from a comment he made earlier, saying he was “less confident” in the supercycle thesis than before.
“That’s all I said,” he wrote. “I suppose I’d have the power to break it back then too? I’d snap my fingers all day.”
He also denied reports that Binance itself sold $1 billion worth of BTC to trigger the weekend sale, saying the funds belonged to users trading on the platform. “Binance’s wallet balance only changes when users withdraw,” he said. “Most users keep their balance with Binance and use Binance as their wallet.”
He also defended the slow pace of Binance’s plan to convert its “SAFU fund” from stablecoins to bitcoin – announced last week – saying Binance planned to execute BTC purchases over 30 days, likely at regular intervals. “You won’t see them buying using a decentralized exchange (DEX),” he said. “Binance is a CEX with the best liquidity in the world.”
His post comes at a time when parts of the crypto community continue to point the finger at Binance over the October 10 flash crash. The sudden drop wiped out around $19 billion in leveraged positions and had a lasting impact on crypto market liquidity. Star Xu, founder of rival exchange OKX, publicly blamed Binance for the event.
Zhao, who resigned as CEO of Binance in 2023 after the exchange agreed to a $4.3 billion settlement with US authorities and was sentenced to four months in prison, remains a central figure in crypto.
