Former Binance CEO Changpeng Zhao (CZ) called the wave of criticism directed at him and the Binance exchange a "coordinated attack."
It all started with his post, in which he advised to "buy and hold" cryptocurrencies. However, later "unknown accounts began to copy and paste my words into tweets," wrote CZ. Zhao himself did not mean a strategy in which traders should buy and hold any token, as this would lead to extremely low portfolio returns.
The users called for a boycott of Binance and labeled Zhao as the "largest scammer" in the cryptocurrency space. Some accused Zhao of the collapse of the cryptocurrency market in October 2025. This week, Ark Invest's general director, Cathie Wood, mentioned that the crypto industry struggled to survive the "10/10" event, referring to the incident on October 10. She believes it was caused by a programming failure on Binance. The reason for the collapse was the unpegging of the "synthetic dollar" Ethena USDe on Binance, while a Binance representative insisted it was due to market volatility. Wood's opinion was echoed by the general director of OKX, Star Qiu: People underestimated the consequences of the 10/10 incident. This incident inflicted real and long-term damage on the industry. For the sake of truth, CZ often writes about how short-term speculation always loses to long-term investments in reliable cryptocurrencies.