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The CEO of Binance, the largest crypto exchange, Changpeng Zhao (CZ), has blocked one of his long-time critics. Specifically, Zhao shut the door on Adam Cochran, particularly after it was revealed that the critic had ties to FTX.
Serious Allegations Made
Cochran, a prominent figure in the crypto community, shared the development and claimed that the CEO of Binance has a history of trying to silence critics. In a recent tweet, Cochran stated, “You can’t prove them wrong with facts, so just harass and block them.”
Notably, Zhao and Cochran had a confrontation over the weekend before the CEO ultimately decided to block the critic. During the encounter, Cochran voiced his concerns about the Secure Asset Fund for Users (SAFU) of Binance. He argued that the perceived security of the SAFU fund could be misleading.
Cochran highlighted that BTC in the fund did not come from general corporate reserves. According to his claims, the BTC in the fund originated from Binance’s primary BTC hot wallet, which holds customer funds. Cochran concluded that Binance might be commingling corporate and customer funds.
What Did CZ Binance Do?
Meanwhile, Zhao did not specifically respond to Cochran’s allegations and accusations. However, he addressed the creator of the FUD attacks against Binance. Crypto enthusiast MartyParty had previously stated that Binance aggressively defended BNB from dropping below $212.
MartyParty’s argument revolved around a supposed buyback order of $30-120 million for BNB. In response, Zhao noted that the price of BNB is determined solely by the market. He pointed out the irony in the alleged buyback serving as a defense mechanism.
The Binance CEO said:
Where did the magic number of $212 come from? The price of BNB is determined by the market. A $30 million buyback is less than 4% of the daily volume.
At the time of writing, BNB was trading at $210 with a significant drop of 12.54% in its seven-day performance.
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