Changpeng Zhao Deletes Doubtful Tweets About Coinbase BTC Holdings, Crypto Twitter Reacts

Brian Armstrong in front of Changpeng Zhao pointing on blue background

Binance CEO Changpeng Zhao (CZ) has deleted his doubtful tweets about the validity of the Bitcoin (BTC) holdings of rival exchange Coinbase, sparking reactions from the crypto community on Twitter.

CZ doubts Coinbase’s Bitcoin holdings

In line with the exchanges embracing transparency, Coinbase Custody CEO Aaron Schnarch on Monday published a report revealing that the company held 635,000 BTC on behalf of the Grayscale Bitcoin Trust (GBTC).

In reacting to the post, CZ took to Twitter to share a four-month-old headline about Coinbase holding less than 600,000 BTC. According to the now-deleted post, CZ was merely quoting “news reports.”

CZ Tweet

Crypto Twitter reacts to CZ’s posts

Although CZ acknowledged that “Glassnode probably has more up-to-date data” his claims weren’t welcomed by the crypto community on Twitter. Shortly after his tweet, Coinbase CEO Brian Armstrong wrote on Twitter:

Will Clemente, co-founder of Reflexivity Research stated that CZ’s tweet wasn’t a great look. Analyst, trader, and investor @360_trader tweeted that “CZ just proved today he’s all about one thing… his empire.”

Many argued that CZ failed to do his due diligence before tweeting as Coinbase’s “exchange and custody wallets are separate.” CZ reacted to Armstrong’s tweets by deleting his earlier tweet, stating that the crypto industry needs to work together. He tweeted:

On the Flipside

  • The claims from CZ come just hours after it was reported that Coinbase’s (COIN) stock prices plummeted to an all-time low as crypto markets crashed.

Why You Should Care

The comment from CZ was frowned upon because the Binance boss failed to confirm before putting out another FUD in the middle of a severe bear market.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).