Finance
What to know:
- Changpeng Zhao, affectionately known as CZ, took to X to dismiss the “imaginative FUD” that he and Binance caused crypto prices to take a nosedive-like a particularly clumsy elephant.
- He laughed off claims that Binance dumped $1 billion in bitcoin, causing weekend panic like a kid knocking over a carefully stacked tower of blocks.
- With a wink and a nudge, he explained their plan to transform the $1 billion Secure Asset Fund for Users from stablecoins to bitcoin over 30 days, assuring us that it’s not a magic trick gone wrong.
On a sunny Monday, our dear CZ hopped onto social media, ready to combat a flurry of accusations he deemed “pretty imaginative FUD,” which is just a fancy way of saying “let’s blame someone else for our troubles!”
Now, what on earth is FUD? It stands for “fear, uncertainty, and doubt”-the favorite game of crypto folks who love to spread rumors like they’re throwing confetti at a party. It’s the perfect excuse for anyone wanting to shrug off legitimate criticisms-oldest trick in the book!
In his cheeky post on X, CZ tackled a few tall tales: whispers that Binance dumped bitcoin to send prices tumbling below $75,000, worries about funds not reaching the Secure Asset Fund for Users (SAFU) as promised, and the hilarious jab that he personally “canceled the supercycle”-whatever that means!
“If I had that power, I wouldn’t be on Crypto Twitter with you lot,” CZ quipped, responding to the sarcastic blame for derailing the mythical crypto supercycle-a supposed grand surge in digital gold prices! The confusion apparently sprouted from his earlier comment about being “less confident” in this super cycle business.
“That’s all I said,” he insisted. “If I could snap my fingers and fix it, you’d find me doing that all day long-not tweeting!”
He also brushed off the wild rumor that Binance sold $1 billion in BTC to kickstart the weekend’s chaos, stating emphatically that those funds were users’ coins doing the tango on the exchange. “Our wallet balance changes only when users decide to withdraw,” he clarified, sounding a bit like a schoolteacher explaining basic math.
Defending the leisurely pace of Binance’s plan to convert its “SAFU fund” from stablecoins to bitcoin-which sounds like a slow-motion race-he mentioned they’d be buying BTC over a month in little bites. “You won’t see them buying using a decentralized exchange (DEX),” he snickered. “Binance is a CEX with the best liquidity in town.”
This little post comes at a time when crypto enthusiasts are pointing fingers at Binance after the October 10 flash crash, which sent a whopping $19 billion in leveraged positions flying away faster than a balloon at a birthday party, leaving quite the mess behind! Star Xu, the founder of rival exchange OKX, has even waved his finger at Binance, blaming them for the ruckus.
And don’t forget, our dear Zhao, who stepped down as Binance CEO in 2023 after agreeing to a $4.3 billion settlement with U.S. authorities, still remains a key player in this whimsical crypto circus.
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2026-02-03 01:57