Star Xu, the founder of OKCoin and the current CEO of its successor platform, OKX, publicly expressed his doubts over the founder of cryptocurrency exchange Binance, Changpeng Zhao’s claim that he decided to sell his apartment worth $900,000 to make a $400 investment in Bitcoin, igniting debates about both ownership and finances.
Interestingly, OKX’s CEO made these remarks shortly after reports revealed the launch of CZ’s book, highlighting the story’s lack of key information and reviving previous arguments linked to OKCoin.
Xu and Zhao’s conflict ignites tension among cryptocurrency investors
Regarding Xu’s doubts about CZ’s earlier statement, the Chinese entrepreneur questioned the source of the initial down payment and the apartment’s true ownership. Based on his argument, there is a high likelihood that Zhao’s in-laws own the apartment in question rather than the industry leader himself. Xu also raised concerns about the persistent framing of this story to the public.
Afterward, the CEO of OKX shared a post on the social media platform X, noting that the narrative failed to acknowledge the support CZ’s family provided during that period, and added that this portrayal could be hurtful to his elderly in-laws.
When reporters asked Xu why he decided to challenge Zhao’s statement publicly, he had previously avoided discussing such issues, but the current situation forced him to break his silence to address inaccuracies about Binance founder of Binance’s past published in the new book. Hence, prompting him to disclose previously omitted details.
In his efforts to address the spread of false information, OKX’s CEO revisited a 2015 contract dispute involving prominent Bitcoin figure Roger Ver. At this particular moment, CZ faced allegations of contract forgery during his time at OKCoin.
In response to this accusation, Zhao dismissed all the allegations as false in his new book. According to him, this situation demonstrated a difference in leadership vision, not a behavioral violation. Nonetheless, even with this assertion in place, Xu still maintained that the previous evidence remains valid, citing old materials and a notarized video shared online years ago. He also recalled CZ’s prior assertion regarding potential unauthorized access to his QQ account by another employee.
As the ongoing conflict intensified, Zhao called Xu a liar and alleged that Xu had reported Huobi’s founder, Leon Li, to Chinese officials. In response to these assertions, the OKX founder publicly stated that the claims were untrue.
Regarding the accusation that Li was detained by Chinese police in November 2020, Xu detailed Asian crypto platform operations, noting that major Asian crypto platforms are overwhelmed by the volume of annual reports retrieved from various sources. According to him, relying solely on those reports would threaten the industry’s survival, highlighting intense regulatory and competitive pressures.
Several analysts weighed in on the situation. They contended that the recent confrontation on X underscores the complex web of personal and professional rivalries shaping top Asian crypto exchanges. In the meantime, it is worth noting that the conflict stems from allegations in CZ’s autobiography, indicating a major falling-out between two people once seen as allies in the early crypto industry.
Analysts outline challenges encountered in the crypto industry
Regarding the present dispute, analysts argued that the conflict stems from the long-standing professional histories of Xu, Zhao, and Li. To break this argument down, they noted that CZ was a former employee of OKCoin, which OKX directly succeeded. Zhao publicly cited disagreements over company operations as the reason for his departure.
Shortly after leaving, he founded Binance, which quickly became the leading cryptocurrency exchange by trading volume, sparking a rivalry between the two.
At this point, sources explained that the persistent accusations between the prominent figures in the crypto industry outline how personal rivalries among Chinese crypto pioneers continue to shape public opinion.
CZ, Xu, Li Lin, the founder of Huobi Group, and Justin Sun, the founder of the TRON blockchain, were responsible for creating four of the most powerful platforms in crypto. They faced intense pressure from Beijing, leading to the arrests of founders and the forced relocation of operations abroad between 2017 and 2022.
Meanwhile, none of the main claims in this dispute is independently verified. The alleged screenshot implicating Li Lin, cited by CZ, remains unpublished. Reports highlighted that the evidentiary basis for a 2014 contract remains the subject of debate after more than 10 years.
