Don’t try to spread rumors around CZ!
In crypto, doubt spreads fast especially when it targets big names like Binance. One tweet is all it takes to stir up fear, fuel speculation, and send social media into overdrive. But this time, the response came just as fast and straight from the top.
Here’s what the twitter buzz is all about.
Wynn Claims Binance Is Hiding Its Reserves
Over the weekend, Hyperliquid trader James Wynn accused Binance of skipping its monthly proof-of-reserves (PoR) update – something the exchange typically publishes at the start of each month.
His since-deleted post read: “BINANCE HAS STILL YET TO POST PROOF OF RESERVES ‼️‼️ Binance has notoriously posted their proof of reserves on the 1st of every month!!”
The message sparked concerns around transparency but Changpeng Zhao (CZ) was quick to respond.
CZ Slams FUD
CZ shut down the claim with a short reply on X:
According to him, Binance takes a snapshot of reserves on the 1st of each month, but the actual report is released a few days later after verification. This has been the standard process for months.
While some users appreciated the clarification, others felt CZ was giving too much attention to a post that didn’t deserve it.
June PoR Confirms Strong Backing
Binance’s June proof-of-reserves report is already out and it confirms that all user assets remain backed 1:1.
The data also shows a massive increase in BTC holdings, with Binance’s non-customer Bitcoin balance jumping from 2,746 BTC in February to 606,080 BTC in June. ETH and SOL balances remain low, indicating a stronger Bitcoin position.
Who Is James Wynn?
Wynn has become known for risky Hyperliquid trades and some very public losses, including a $100 million missed profit. He’s also been asking for donations to keep trading and previously promoted a token linked to Andrew Tate, which is now down 97% from its peak.
Now, he appears to be making a shift toward loud commentary but it backfired this time.
He even replied to CZ’s clarification.
CZ Is Still a Key Voice in Crypto
Though no longer CEO, CZ continues to play a leading role in defending Binance’s reputation. From addressing misinformation to backing strategic moves like Nano Labs’ BNB-only reserves, he hasn’t stepped out of the spotlight.
In a recent interview with Anthony Pompliano, CZ shared his views on crypto, leadership, and the industry’s future showing he’s still very much involved.
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And when it comes to online FUD, he keeps it simple: correct the facts, move on.
FAQs
Binance’s June Proof-of-Reserves report confirmed that all user assets are backed 1:1. Notably, it showed a massive increase in Bitcoin (BTC) holdings, with Binance’s non-customer BTC balance jumping from 2,746 BTC in February to 606,080 BTC in June, indicating a stronger Bitcoin position.
Although no longer CEO, CZ continues to play a prominent role in defending Binance’s reputation and shaping the crypto narrative. He actively addresses misinformation, supports strategic industry moves, and shares his insights on crypto’s future, demonstrating his ongoing involvement and influence.
