Binance CEO Changpeng Zhao (CZ) has deleted his doubtful tweets about the validity of the Bitcoin (BTC) holdings of rival exchange Coinbase (NASDAQ:COIN), sparking reactions from the crypto community on Twitter.
CZ doubts Coinbase’s Bitcoin holdings
In line with the exchanges embracing transparency, Coinbase Custody CEO Aaron Schnarch on Monday published a report revealing that the company held 635,000 BTC on behalf of the Grayscale Bitcoin Trust (GBTC).
In reacting to the post, CZ took to Twitter to share a four-month-old headline about Coinbase holding less than 600,000 BTC. According to the now-deleted post, CZ was merely quoting “news reports.”
Crypto Twitter reacts to CZ’s posts
Although CZ acknowledged that “Glassnode probably has more up-to-date data” his claims weren’t welcomed by the crypto community on Twitter. Shortly after his tweet, Coinbase CEO Brian Armstrong wrote on Twitter:
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We hold ~2M BTC. ~$39.9B worth as of 9/30 (see our 10Q) pic.twitter.com/TFINAgOSeZ— Brian Armstrong (@brian_armstrong) November 22, 2022
Will Clemente, co-founder of Reflexivity Research stated that CZ’s tweet wasn’t a great look. Analyst, trader, and investor @360_trader tweeted that “CZ just proved today he’s all about one thing… his empire.”
Many argued that CZ failed to do his due diligence before tweeting as Coinbase’s “exchange and custody wallets are separate.” CZ reacted to Armstrong’s tweets by deleting his earlier tweet, stating that the crypto industry needs to work together. He tweeted:
Brian Armstrong just told me the numbers in the articles are wrong. Deleted the previous tweet. Let’s work together to improve transparency in the industry.— CZ Binance (@cz_binance) November 22, 2022
On the Flipside
- The claims from CZ come just hours after it was reported that Coinbase’s (COIN) stock prices plummeted to an all-time low as crypto markets crashed.
Why You Should Care
The comment from CZ was frowned upon because the Binance boss failed to confirm before putting out another FUD in the middle of a severe bear market.
Read about COIN’s performance in:
Coinbase (COIN) Shares Reach All-Time Low as Crypto Stocks Continue to Get Crushed
Despite the drop, Coinbase continues to expand. Read more below:
Coinbase Commerce to Become WooCommerce’s Crypto Payment Processing Partner