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Changpeng Zha
2026-09-30 23:59:35

CZ revisits FTX, Hyperliquid and the 10/10 sell-off, saying crypto is still far from saturated

Binance founder Changpeng Zhao, better known as CZ, used a Sept. 25 interview on the When Shift Happens Podcast to revisit the arc of his career, from growing up in a low-income immigrant family in Canada to building Binance out of an existing exchange-tech team in 2017. He said Binance’s early rise came from execution, team alignment and a focus on user protection, while arguing that crypto adoption remains low both by user count and by share of global wealth. In the interview, CZ also addressed why most listed projects eventually disappoint investors, why he does not agree with the logic of restricting early-stage investing to so-called qualified investors, and how his 「4」 meme emerged from a 2023 post about ignoring FUD. A large part of the conversation focused on crisis moments. CZ rejected the claim that his Nov. 6, 2022 tweet 「killed」 FTX, saying no real company can be destroyed by a single tweet from a rival and describing the post as a public disclosure tied to Binance’s plan to sell remaining FTT received in its exit from an FTX equity investment. He also discussed the pressure of BNB trading below its ICO price shortly after launch, his U.S. legal case, his concern while entering prison that additional charges could keep coming, and the process that led to his presidential pardon. On market structure, he said Hyperliquid is not Binance’s enemy, called for more exchanges and perp DEX competition, and said HYPE may have faced listing constraints because Binance generally wants to directly control and custody listed assets. He also pushed back on claims that Binance caused the Oct. 10, 2025 market crash, saying the sell-off began after tariff news and before Binance’s issue involving Ethena’s USDe. CZ said he now spends more time on regulatory discussions with governments, investing through YZi Labs and building Giggle Academy, which he described as a fast-growing free education project for children.

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CZ revisits FTX, Hyperliquid and the 10/10 sell-off, saying crypto is still far from saturated
CZ says his tweet did not sink FTX and that he had zero contact with Trump during pardon process
CZ
2026-09-28 08:30:59

CZ revisits FTX, prison, pardon and Hyperliquid rivalry in wide-ranging podcast interview

Binance founder Changpeng Zhao, better known as CZ, used a long-form podcast interview released on Sept. 25, 2026 to revisit several of the most disputed episodes of his career: Binance’s early rise, the tweet tied to FTX’s collapse, his four-month prison sentence, the 2025 presidential pardon he received, the Oct. 10, 2025 market crash, and the competitive debate around Hyperliquid and decentralized exchanges. CZ rejected the claim that a single Binance tweet brought down FTX, saying the exchange failed because it misused customer funds and had likely already become insolvent before his post, citing a CoinDesk report published days earlier. He also said Binance had received about $2.1 billion in cash, BUSD and FTT when it exited its FTX equity position. On regulation and enforcement, CZ said he had never met or spoken with Donald Trump and described his pardon process as one handled through lawyers, with a petition filed in April 2025. He also defended Binance’s response to the Oct. 10 selloff, saying the exchange was not the cause of the broader collapse and that Binance paid about $800 million to compensate affected users despite having no obligation to do so. On competition, CZ said crypto remains far from saturated, arguing that penetration is still below 1% when measured against net assets. He said he welcomes Hyperliquid and other DEXs if they help expand the market.

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CZ revisits FTX, prison, pardon and Hyperliquid rivalry in wide-ranging podcast interview
Giggle Academy serves more than 1.5 million children for free, with CZ funding about $5 million a year
CZ says most people should DCA into major crypto instead of going all-in
CZ says Giggle’s second-largest anonymous donor came from his previously public address
Binance Life token jumps 8% and briefly tops $0.54 after CZ says he donated and stopped using public address
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