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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
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