In a tawdry tangle of corporate intrigue that would make even a Byzantine courtier blush, YZi Labs-formerly known as Binance Labs, though one wonders why the name change if not for tax reasons-has flung accusations like poisoned darts at asset manager 10X Capital.
The charge? A failure to comply with those delightful SEC disclosure rituals, a bureaucratic ballet as thrilling as watching a snail race but somehow critical to the theater of capitalism. The squabble unfolds against the dreary backdrop of CEA Industries, a firm whose Nasdaq ticker, BNC, presumably stands for “Billionaire Nervous Collapse.”
YZi Labs: “10X Capital’s Math Skills Lack Decimal Precision”
CEA Industries, the self-proclaimed custodian of the world’s largest BNB treasury, now finds itself less a corporate entity than a chessboard for oligarchs. Governance here is less about fiduciary duty and more about who gets to stroke the cat while sitting on the throne.
Crypto enthusiasts, ever the masochists, should care because BNC’s treasury strategy is tied to Binance like a leech to a Victorian poet’s ankle. Any tremor in its governance could ripple through the BNB ecosystem, though whether that’s a tsunami or a sneeze remains unclear.
YZi Labs and 10X Capital, both shareholders with more ego than a Renaissance portrait gallery, have escalated their spat from passive-aggressive glances to full-blown operatic accusations. Last week, BNC dismissed YZi’s prior claims of noncompliance with Nasdaq rules as “false and reckless”-a phrase usually reserved for ex-lovers’ Yelp reviews.
In a letter dripping with the sanctimony of a Puritan sermon, YZi Labs accused 10X Capital of neglecting to report its ownership stake in CEA Industries. Under SEC rules, once you own more than 5% of a company, you must disclose it, lest other shareholders mistake your stealth accumulation for mere whimsy.
– YZi Labs (@yzilabs) February 18, 2026
YZi alleges that 10X Capital, since late 2025, has held over 5% of BNC shares without filing the requisite Schedule 13D. One imagines the SEC’s filing system as a neglected library where 10X’s documents gather dust alongside unread Tolstoy novels.
Alex Odagiu of YZi Labs, channeling his inner moral philosopher, declared: “SEC rules are not ‘personal preferences’ or ‘optional housekeeping.’” One suspects he’d also scold children for believing in Santa Claus.
Board Proposes Divorce Terms in Asset Deal
As this drama unfolds, BNC’s Board announced plans to revise its Asset Management Agreement with 10X Capital. Seeking “lower fees, shorter term, better termination rights,” they might as well have added, “and a therapist for the emotional fallout.”
🔔 $BNC Board: Renegotiating with 10X. Terms sought: lower fees, shorter leash, easier exits. 10X, ever the optimist, says, “Let’s talk.”
– BNB Network Company (BNC) (@BNBNetworkCo) February 18, 2026
YZi Labs, meanwhile, has crossed the 5% ownership threshold-a legal Rubicon that grants shareholders the right to meddle with the vigor of a toddler in a china shop.
The clash, while ostensibly about filings and fees, smells of a deeper power struggle. Will BNC remain a BNB treasury or become a battleground for egos? Stay tuned for the next act: “The Tempest in a Boardroom.”
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2026-02-19 02:21