Binance co-founder Changpeng “CZ” Zhao took to social media on Monday to counter a series of claims he called “pretty fanciful FUD” targeting himself and his former exchange as the main culprit of 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 sows panic in the market. It has also been used to deflect criticism, even legitimate criticism that might affect companies.
In a Monday X post, CZ addressed several narratives: speculation that Binance dumped bitcoin to trigger the weekend’s sell-off below $75,000, concerns that the company did not move funds to the Secure Asset Fund for Users (SAFU) as stated last week, and a widely circulated jab that he single-handedly “cancelled the supercycle.”
“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 surge in digital asset prices driven by adoption and macro 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 snap it back then, too? I’d snap my fingers all day long.”
He also denied reports that Binance itself sold $1 billion in BTC to trigger the weekend selloff, saying the funds belonged to users trading on the platform. “Binance’s wallet balance only changes when users withdraw,” he said. “Most users balance with Binance and use Binance as a wallet.”
He also defended the slow progress of Binance’s plan to convert its “SAFU fund” from stablecoins to bitcoin – announced last week – saying that Binance planned to carry out the BTC purchases over 30 days, likely in increments. “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 fingers at Binance over the October 10 lightning crash. The sudden plunge wiped out about $19 billion in leveraged positions and left a lasting impact on crypto market liquidity. Star Xu, the founder of rival exchange OKX, has publicly blamed Binance for the event.
Zhao, who stepped down as Binance CEO 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.
