Star Xu, founder of OKCoin and current CEO of its successor platform, OKX, has publicly expressed doubts about the founder of cryptocurrency exchange Binance, and Changpeng Zhao’s claim that he decided to sell his $900,000 apartment to invest $400 in Bitcoin, igniting discussions about ownership and financing.
Interestingly, the OKX CEO made these remarks shortly after reports of CZ’s book launch were revealed, highlighting the story’s lack of background information and reviving previous arguments associated with OKCoin.
Xu and Zhao’s conflict ignites tension among cryptocurrency investors
Regarding Xu’s doubts about Czechoslovakia’s previous statement,… Chinese businessman He questioned the source of the down payment and the real ownership of the apartment. Based on his argument, there is a high probability that Zhao’s in-laws own the apartment in question and not the industry leader himself. Shaw also raised concerns about the ongoing framing of this story to the public.
The OKX CEO then shared a post on the social media platform
When reporters asked Xu why he decided to publicly challenge Bian Zhao, he had previously avoided discussing such issues, but the current situation forced him to break his silence to address inaccurate information about Binance. Founder of Binance’s past published in the new book. Which prompted him to reveal previously overlooked details.
In his efforts to address the spread of false information, OKX CEO has revisited a 2015 contract dispute involving prominent Bitcoin figure Roger Ver. At this very moment, CZ has faced allegations of contract fraud during his time at OKCoin.
In response to the accusation, Zhao denied all the allegations and called them false in his new book. According to him, this situation showed a difference in leadership vision and was not a behavioral violation. However, even with this confirmation, Shaw still maintains that previous evidence is still valid, citing older materials and documented video. It has been shared online for years. He also referred to CZ’s previous assertion regarding possible unauthorized access to his QQ account by another employee.
As the conflict intensified, Zhao called Xu a liar and claimed that Xu had informed Chinese officials about Hubei’s founder, Leon Li. In response to these assertions, the founder of OKX has publicly stated that these claims are untrue.
Regarding the Chinese police’s accusation of detaining Li in November 2020, Xu detailed the operations of Asian cryptocurrency platforms, noting that major Asian cryptocurrency platforms are burdened by the volume of annual reports obtained from various sources. According to him, relying solely on those reports would threaten the survival of the industry, highlighting intense regulatory and competitive pressures.
Many analysts have commented on the situation. They claim that the latest showdown on X underscores the complex web of personal and professional rivalries that make up the top Asian cryptocurrency exchanges. Meanwhile, it’s worth noting that the conflict stems from allegations made in Czechoslovakia’s autobiography, suggesting a major rift between two people who were seen as allies in the early cryptocurrency industry.
Analysts explain the challenges facing the cryptocurrency industry
Regarding the current dispute, analysts believe that the conflict stems from the long-standing professional history of Xu, Zhao, and Li. To illustrate this argument, they point out that CZ was a former employee of OKCoin, which OKX directly succeeded in doing. Zhao publicly cited disagreements over the company’s operations as the reason for his departure.
Shortly after his departure, he founded Binance, which quickly became the leading cryptocurrency exchange in terms of trading volume, sparking a rivalry between the two.
At this point, sources explained that the ongoing accusations between prominent figures in the cryptocurrency industry demonstrate how personal rivalries between Chinese cryptocurrency leaders continue to shape public opinion.
CZ, Xu, Li Lin, Founder, Huobi Group, and Justin Sun, Founder TRON BlockchainThey were responsible for creating four of the most powerful platforms in the cryptocurrency space. They faced intense pressure from Beijing, which led to the arrest of the founders and the forced relocation of their operations abroad between 2017 and 2022.
Meanwhile, none of the major allegations in this dispute have been independently verified. The alleged screenshot implicating Li Lin, cited by CZ, remains unpublished. Reports have highlighted that the evidentiary basis for the 2014 contract remains debated more than 10 years later.
