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Changpeng “CZ” Zhao, founder of Binance, says he has uncovered and disrupted a coordinated misinformation campaign targeting both him and the exchange.
The issue surfaced when a popular account posing as a Binance supporter claimed it was closing its account over alleged manipulation. CZ said the profile, which had hundreds of thousands of followers and used event photos from BNB Chain, appeared credible at first glance. However, closer inspection suggested the account had posted AI-altered images pretending to show Zhao posing with the user. CZ pointed out visual inconsistencies in the photos and said one original image was actually taken with Aster CEO Leonard, not the account holder. He also noted the account’s history showed a sudden shift from personal photos to crypto content years ago, suggesting it may have been hacked or sold.
CZ described the effort as a poorly executed but coordinated attempt to damage Binance’s reputation, possibly driven by a rival overly focused on the exchange.
Members of the crypto community voiced support, with some commentators saying such attacks often come from engagement farmers, disgruntled traders, or organized FUD campaigns. One commentator even claimed they had been offered payment to spread negative narratives about Binance.
The episode comes amid continued scrutiny of CZ and Binance. In late January, CZ faced backlash over comments supporting a buy-and-hold strategy and later clarified it was a personal view. Shortly after, Binance announced it would convert $1 billion of its SAFU insurance fund from stablecoins back into Bitcoin, drawing further attention to its financial strategy.
Despite the criticism, Binance remains dominant in the market, with data earlier this year showing it held roughly 41% of spot trading volume and 42% of Bitcoin perpetual futures volume among major exchanges in 2025.