Binance CEO Changpeng “CZ” Zhaosparked controversy on Tuesday by tweeting about Coinbase globalit is PIECE OF MONEY Bitcoin BTC/USD assets.
What happened: CZ referenced an article that stated “Coinbase Custody maintains 635,000 BTC on behalf of Grayscale” in his since-deleted tweet seen by CoinDesk. He noted that “4 months ago Coinbase was under 600K,” adding a link to a four-month-old Bitcoinist article.
Binance’s CEO made it clear that he was simply quoting “news articles”.
It should be noted that skirmishes between the behemoths of the crypto exchange were responsible for much of this month’s turmoil in the industry.
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Coinbase CEO Brian Armstrong replied to CZ, “If you see FUD there – remember, our finances are public (we are a publicly traded company),” with a link to Coinbase’s Q3 shareholder letter. He added, “We have around 2 million BTC. As of September 30, 2018, our company held approximately $39.9 billion in BTC holdings (see our 10Q).
CZ later deleted the post, writing, “Brian Armstrong just informed me that the item data is incorrect. I deleted my previous message. Let’s work together to improve transparency in the industry.
Twitter remains indifferent: Will Clementthe co-founder of the digital asset research company Research on reflexivitytweeted that CZ’s recent Twitter post about Coinbase’s Bitcoin holdings was not a good overview.
“I understand the argument that he’s trying to protect the industry, but CZ is more than smart enough to know that the exchange and custodial wallets are separate.”
Twitter-based analyst, trader and investor 360_trader said, “CZ just proved that he cares about one thing and one thing only: building his business. He’s not here to oversee the industry; he deleted the tweet, as I predicted. However, now that he’s been exposed as a villain, I guess his despicable behavior will continue.
price action: At the time of writing, BTC was trading at $16,224, down 2.58% in the last 24 hours, according to Benzinga Pro.
Photo by Web Summit on Flickr