{"id":74772,"date":"2023-02-28T15:29:43","date_gmt":"2023-02-28T13:29:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=74772"},"modified":"2025-09-09T22:11:17","modified_gmt":"2025-09-09T19:11:17","slug":"changpeng-zhao-responds-to-forbes-fud-allegations","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/changpeng-zhao-responds-to-forbes-fud-allegations\/","title":{"rendered":"Changpeng Zhao Responds to Forbes FUD Allegations"},"content":{"rendered":"<p>CEO Binance Changpeng Zhao (CZ) responded via a series of tweets to <a href=\"https:\/\/forklog.com\/en\/news\/forbes-points-to-binance-practices-eerily-similar-to-ftx-maneuvers\">Forbes publication<\/a> about \u201cthe movement of billions of the exchange&#8217;s collateral.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I am reluctantly spending time on FUD again (4). Forbes wrote another FUD article with lots of accusatory questions, with negative spins, intentionally misconstruing facts. They referred to some old blockchain transactions that our clients have done. 1\/9<\/p>\n<p>\u2014 CZ ? Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1630466326102777859?ref_src=twsrc%5Etfw\">February 28, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Zhao said that he was very reluctantly spending time on yet another <span data-descr=\"Fear, Uncertainty and Doubt \u2014 fear, uncertainty and doubt\" class=\"old_tooltip\">FUD<\/span> article with a large number of accusations, deliberately distorted facts and mentioning his ethnicity as a significant factor.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIt seems Forbes does not understand how exchanges work. Our users can withdraw their assets at any time they wish. And journalists turn these withdrawals into \u201cgetting hundreds of millions of moved collateral\u201d. The article also ignores deposit transactions,\u201d wrote Zhao, head of Binance.<\/p>\n<\/blockquote>\n<p>According to him, despite Forbes&#8217; attempt to lump Binance and FTX into one category, their business approaches are entirely different. Zhao reminded that Binance calmly weathered a daily <a href=\"https:\/\/forklog.com\/en\/news\/net-outflow-of-stablecoins-from-binance-over-24-hours-reaches-3-billion\">outflow of stablecoins worth $3 billion<\/a> in December 2022. The exchange also continues to safeguard customer security and privacy, for which <a href=\"https:\/\/forklog.com\/en\/news\/binance-integrated-zk-snark-into-its-proof-of-reserves-mechanism\">it integrated zk-SNARK into the reserve verification mechanism<\/a>.<\/p>\n<p>Separately, Zhao emphasised that user funds on Binance are \u201calways backed 1-to-1\u201d.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI am deeply disappointed that Forbes continues to publish unfounded articles, undermining its authority,\u201d added Zhao.<\/p>\n<\/blockquote>\n<p>As reported earlier, ChainArgos founder Jonathan Reiter concluded that Binance&#8217;s team had addressed deficiencies in managing BUSD reserves, which had sometimes led to a shortfall of more than $1 billion.<\/p>\n<p>In the same month, Changpeng Zhao said that FTX paid an unnamed media outlet <a href=\"https:\/\/forklog.com\/en\/news\/changpeng-zhao-ftx-paid-43-million-for-fud-campaign-against-binance\">$43 million for a FUD campaign<\/a> against Binance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance CEO Changpeng Zhao responded in a series of tweets to Forbes&#8217; article about the movement of billions of the exchange&#8217;s collateral.<\/p>\n","protected":false},"author":1,"featured_media":74773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935,34,1138],"class_list":["post-74772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao","tag-forbes","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"41","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=74772"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74772\/revisions"}],"predecessor-version":[{"id":74774,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74772\/revisions\/74774"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/74773"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=74772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=74772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=74772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}