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CZ clarified that YZiLabs never invested in Hyperliquid, addressing rumors of Binance backing Jeff Yan.
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Crypto Twitter reacted strongly, criticizing CZ’s tone while praising Jeff Yan’s achievements.
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Hyperliquid, built by a 10-person team, now handles over 10% of global crypto derivatives trading.
Binance Founder Changpeng “CZ” Zhao recently stirred the crypto community with a tweet addressing Hyperliquid and its founder Jeff Yan.
The post came amid speculation that Hyperliquid might be backed or funded by CZ, but after putting rumors to rest, it sparked lively debate across crypto Twitter.
CZ’s Tweet Sparks Debate
CZ’s tweet was clear but struck some as unusually blunt.
He reminded the crypto community that Jeff Yan had been part of YZiLabs’ first incubation cohort back in 2018, but added that the project had failed and YZiLabs did not recoup any investment. He also admitted he had little interaction with Jeff and even missed a planned call earlier this year due to a scheduling error.
Gossip tweet. Saw a couple of posts on this topic:
If you didn’t know, Jeff (HL) was part of the YZiLabs (Binance Labs back then) incubation season 1 cohort in 2018. 🤣
Unfortunately, that project failed. YZiLabs did not recoup any of its investment. It happens.
I did not… https://t.co/zUVtjQ3RCO
— CZ 🔶 BNB (@cz_binance) October 10, 2025
Despite all this, CZ ended on a supportive note: “Regardless, we support all builders!”
The reaction on crypto Twitter was immediate. Many criticized the tone, calling it dismissive. One user mocked the message, saying it was “Insanely bitter… do you hear yourself?”
Others, however, used the moment to highlight Jeff Yan’s accomplishments. As one commenter put it, “Respectfully CZ, credit where it’s due – Jeff basically set the standard for perp dexes. @HyperliquidX walked so the rest could even start jogging.”
The mix of criticism and praise set the stage for a deeper look at Jeff Yan and Hyperliquid’s rise.
Hyperliquid: Built by 10 People, Big on Impact
Jeff Yan’s story is proof that a small team can move mountains. A Harvard-educated physicist and former high-frequency trader, Yan started Hyperliquid with just 10 people, no venture capital, and no marketing.
His first crypto venture – a Layer 2 prediction market – failed due to regulatory issues. He took the lessons, focused on users, and built Hyperliquid, a custom blockchain capable of 200,000 transactions per second with near-instant confirmations.
Expanding the Ecosystem
Jeff didn’t stop at building a fast exchange.
Hyperliquid now hosts HyperEVM, HyperLend, and Felix protocols. Developers can freely create markets on the platform, and institutional players like Sonnet BioTherapeutics hold significant HYPE stakes.
