- Former Binance CEO Changpeng Zhao has interacted with multiple suspicious crypto accounts on X.
- One account falsely claimed it received $30,000 from Binance’s $400 million recovery fund, an amount far above the official maximum payout.
- Zhao was seen reposting misleading claims and following accounts linked to scams and repeated token shilling.
- Crypto figures have criticized Zhao and Binance over alleged failures in charity work and promoting dubious crypto projects.
- Researchers tracked the engagement with scam-related accounts and highlighted potential risks for those following Zhao.
Former Binance CEO Changpeng Zhao has engaged with at least four questionable crypto accounts on X, a social media platform formerly known as Twitter. Among these, one account falsely claimed it received $30,000 from Binance’s $400 million recovery plan, designed to assist users affected by the recent crypto market crash.
The disputed post, which Zhao reposted, thanked Binance and himself for the funds and included the phrase “still people will fud”, referring to fear, uncertainty, and doubt, a term Zhao often uses when addressing criticism. The recovery fund promised affected users a maximum of $6,000, which is five times less than the amount claimed by the account “@Cryptobullmaker.” X’s community note system flagged the misinformation, highlighting the mismatch between the claim and Binance’s official policy.
Zhao was also observed following a crypto scammer account that has reportedly changed its name over 31 times. This account later blocked crypto investigator ZachXBT, who was monitoring its activity. In response, Zhao thanked the researcher for the notification.
Ray Youssef, CEO of the peer-to-peer trading platform NoOnes, publicly expressed frustration toward Zhao and Binance. He accused them of showing “a total lack of honor” and claimed that an initiative he supported, the “Built With Bitcoin Foundation,” was ignored despite his team’s efforts. Youssef alleged that after offering assistance for six months, Zhao’s team did not contribute any funds to support building schools in Africa. Furthermore, Youssef mentioned canceling a deal with Zhao to acquire Paxful, a platform he led, upon discovering there were no charitable donations made from Binance.
In addition, crypto researcher Dethective highlighted how Zhao inadvertently promoted a questionable memecoin. This token’s price surged after Zhao asked on X if it was legitimate, benefiting a “known grifter” who orchestrated a token pump-and-dump scheme. Another flagged case involved Zhao engaging with an account that shills scam tokens daily, using his follow status to boost credibility. These incidents have raised concerns about the influence Zhao wields over crypto community trust and token popularity.
For further details, see the original engagement post, the recovery policy, and related scam investigations.
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