Binance Founder CZ Denies Rumors of 60,000 BTC Gain from BitMEX Hedging

Binance Founder CZ Denies Rumors of 60,000 BTC Gain from BitMEX Hedging

The former CEO labeled allegations of profiting during the "312" market crash as "pure fabrication," asserting that the exchange has never traded on the rival derivatives platform.

BTC

Fact Check
Among the listed materials, the strongest and most relevant evidence originates from Coinpedia’s real-time crypto news feed. It explicitly references a claim that Changpeng Zhao, Binance’s founder, publicly called rumors alleging that he gained 60,000 BTC through hedging activities on BitMEX 'baseless.' This aligns directly with the statement being assessed and represents a primary or near-primary report of CZ’s public denial. Supporting indications appear in social media posts aggregated by the DefiLlamaCn account, which offer contextual or secondary confirmation that CZ discussed or rebutted market rumors, though these posts lack direct verification authority. Other sources, including Alternet.org, Media Man, and Binance Square profiles, provide contextual mentions of CZ or general updates about Binance but do not address this specific allegation or denial. None of the available sources contradict the denial claim; rather, the evidence suggests CZ did indeed issue a public denial of the 60,000 BTC BitMEX rumor. Given the moderate authority of the confirming source and absence of contradictory evidence from higher authority outlets, the claim is assessed as likely true, but with medium confidence due to reliance on a limited independent verification base.
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Terms & Concepts
  • 312 Market Crash: Refers to the dramatic market collapse on March 12, 2020, where Bitcoin and other cryptocurrencies saw massive price drops due to global economic uncertainty.
  • BitMEX: A cryptocurrency exchange and derivative trading platform that allows users to trade futures and perpetual contracts.
  • Hedging: A risk management strategy employed to offset potential losses in an investment by taking an opposite position in a related asset.