Coinbase was trending on Twitter on Nov. 22 after Binance CEO Changpeng Zhao, known also as CZ, sent out a tweet that appeared to question Coinbase’s Bitcoin holdings.
In the since deleted tweet, CZ referenced a yahoo finance article that alleged that “Coinbase Custody holds 635,000 BTC on behalf of Grayscale.” CZ added, “4 months ago, Coinbase (I assume exchange) has less than 600K,” with a link to a 4 month old article from Bitcoinist. The Binance CEO made it clear that he was simply quoting “news reports”, and not making any claims of his own. However, his tweet was not received well by the crypto community.
Shortly after, Coinbase CEO Brian Armstrong indirectly responded to CZ in a series of tweets, stating; “If you see FUD out there – remember, our financials are public (we’re a public company),“ with a link to Coinbase’s Q3 shareholder letter. He clarified that his company holds “~2M BTC. ~$39.9B worth as of 9/30 (see our 10Q).”
If you see FUD out there – remember, our financials are public (we’re a public company) https://t.co/ayzN0zaqgT
— Brian Armstrong (@brian_armstrong) November 22, 2022
CZ deleted his tweet shortly afterward, stating: “Brian Armstrong just told me the numbers in the articles are wrong. Deleted the previous tweet. Let’s work together to improve transparency in the industry.”
Brian Armstrong just told me the numbers in the articles are wrong. Deleted the previous tweet. Let’s work together to improve transparency in the industry.
— CZ Binance (@cz_binance) November 22, 2022
Given recent market events, and Binance’s perceived role in instigating them, some have called out CZ for the insinuations. To recap, FTX’S liquidation crunch, which led to an overall spiral in the market over the past two weeks, is believed by many to have been initially triggered by the Binance CEO after his tweets caused panic and a bank run on FTX.
Will Clemente, co-founder of digital asset research firm Reflexivity Research, shared on Twitter; “That latest tweet CZ made about Coinbase’s Bitcoin holdings that he just deleted wasn’t a great look. I get the argument that he’s trying to protect the industry but CZ is more than smart enough to know that exchange and custody wallets are separate.”
That latest tweet CZ made about Coinbase’s Bitcoin holdings that he just deleted wasn’t a great look. I get the argument that he’s trying to protect the industry but CZ is…
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