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Changpeng “CZ” Zhao, the founder and former CEO of Binance, has responded to a rumor circulating on social media. According to the rumor, Zhao allegedly has a secret connection with the U.S. Federal Reserve, and the claimed legal issues surrounding him are fabricated. These allegations were propagated by a Chinese influencer, reaching hundreds of thousands of people.
Claims Regarding the Federal Reserve
The rumor spread through statements made by a user known by the alias Liangxihgui on the X platform. The claims suggested that Zhao’s legal troubles in the U.S. were orchestrated and that he was working on a covert mission for the Federal Reserve. This post captured the attention of 160,000 listeners on X Spaces.
Changpeng Zhao: “While the story is entertaining, it is completely unfounded.”
Previous Allegations and Clarifications
Prior to this discussion, another rumor had also circulated regarding Zhao. This rumor claimed he cooperated with the U.S. Department of Justice to execute an operation against Justin Sun. According to a report by the Wall Street Journal, it was indicated that Binance executives were engaged in negotiations for compliance work in the U.S. Zhao dismissed these claims, stating that the media was spreading misinformation.
Justin Sun: “I have no information regarding this matter.”
Following his conviction and resignation from his position as Binance’s CEO, Zhao shifted his focus toward new ventures. The name of Binance Labs was changed to YZi Labs, where Zhao took on a key role. Additionally, an educational platform named Giggle Academy was developed for students, with the mobile application version set to launch in December 2024.
Zhao’s conviction in the U.S. occurred from May to September 2024 due to violations of anti-money laundering laws. The rumor is seen as one of the many baseless news examples prevalent in the cryptocurrency industry. While social media users reacted humorously to the allegations, some followers implied that if Zhao were working at the Federal Reserve, it could impact financial markets.
This incident highlights how rapidly speculation and unverified claims can spread within the crypto sector. Relevant parties and institutions are striving to clarify the situation by sharing their statements with the public.
