Changpeng Zhao, widely known as CZ, and Star Xu, the founders of two of the world's largest crypto exchanges, are engaged in a fierce online spat on X. The two have been trading accusations concerning contract fraud, prolonged dishonesty, and personal misconduct.
CZ founded Binance, the world's largest crypto exchange by trading volume. Star Xu founded OKX, which ranks as the fourth-largest global crypto exchange.
This public dispute has resurfaced conflicts spanning more than a decade, reignited after CZ released his memoir, "Freedom of Money", on 8/4 from prison. Tensions peaked on 9/4 when CZ issued an open-ended wager of USD 1 billion.
"I am willing to bet USD 1 billion (or any amount you choose) that I have officially divorced (long before today)", CZ wrote on X, setting a 24-hour deadline for Star Xu to accept.
He added, "If you do not accept the bet within 24 hours, it will show who has distorted the truth publicly."
Star Xu responded within minutes, rejecting the offer. He wrote, "Both OKX and Binance are subject to regulation by multiple agencies. As the Ultimate Beneficial Owner (UBO) of a licensed company, publicly offering a USD 1 billion bet is hardly professional."
Star Xu then shifted focus to CZ's finances: "Has your stake in Binance been legally separated from your ex-wife?"
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CZ, founder of Binance. Photo: CoinDesk |
The dispute's origins trace back to 2014, when CZ worked at OKCoin, the precursor to OKX. Star Xu accused CZ of forging company contracts during that time, citing a YouTube video and notarized QQ chats that he claims were made public 12 years ago.
According to Star Xu, CZ's explanation at the time was that his account had been hacked by an employee Star Xu himself had recruited. However, Star Xu found this explanation hard to believe.
CZ's new book, written over four months while he served a federal prison sentence for anti-money laundering violations, offers his personal perspective on his time at OKCoin. Summaries of the book suggest CZ believed rivals used fear, uncertainty, and doubt (FUD) tactics to damage his reputation then.
Star Xu's accusations extended beyond the contract dispute. In an 8/4 post, he called CZ a "systematic liar" with an "unchanged nature", listing a series of statements he deemed false. These included CZ's account of joining and leaving OKCoin, a contract dispute with Roger Ver (an early Bitcoin investor), allegations of market manipulation, and claims regarding CZ's personal life.
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Star Xu, founder of OKX. Photo: The Information |
The USD 1 billion bet offer marked CZ's first direct response to Star Xu's allegations. This public spat has drawn strong reactions from the digital asset community on X, with hundreds of comments and over 1 million total views on Star Xu's posts alone.
Some users urged Star Xu to accept the wager, suggesting that not directly addressing the core issue was a sign of evasion. Others cautioned that this dispute was distracting an industry striving to build credibility with regulators.
The timing of this public argument is also noteworthy. Both Binance and OKX are actively pursuing licenses in multiple jurisdictions.
CZ completed his four-month federal prison sentence in 2024 after pleading guilty to failing to maintain an adequate anti-money laundering program at Binance. Since then, he has positioned himself as an "elder statesman" in the digital asset industry, investing in education, artificial intelligence (AI), and blockchain projects.
Meanwhile, Star Xu, who has led OKX since its OKCoin days in 2013, has pursued an aggressive global expansion strategy, securing regulatory approvals in many markets. Recently, he announced an investment in Vietnam Prosperity Digital Asset Exchange Joint Stock Company (CAEX), a firm linked to VPBank (VPB). OKX will participate as a strategic partner, alongside other shareholders, to inject capital into CAEX to help it meet the minimum capital requirement of VND 10 trillion, a condition for establishing a digital asset exchange.
