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Crypto Twitter Responds to Binance CEO's Deleted Tweet About Coinbase's Bitcoin Holdings

Published on

January 23, 2023
Read Time:4 Minute, 14 Second

Coinbase trended on Twitter on Nov. 22 after Binance CEO Changpeng Zhao, often known as CZ, despatched out a tweet that appeared to query Coinbase's Bitcoin holdings.

Within the now-deleted tweet, CZ referenced a Yahoo Finance article that claimed that "Coinbase Custody holds 635,000 BTC on behalf of Grayscale." CZ added, “4 months in the past, Coinbase (I assume alternate) has lower than 600,000,” with a hyperlink to a 4-month-old Bitcoinist article. The Binance CEO clarified that he was merely citing “information reviews” and making no claims of his personal. Nevertheless, his tweet didn't go down nicely within the crypto neighborhood.

A screenshot of CZ's now-deleted tweet.

Shortly after, Coinbase CEO Brian Armstrong not directly responded to CZ in a collection of tweets, stating, "If you happen to see FUD on the market - bear in mind, our financials are public (we're a public firm)" with a hyperlink to Coinbase's shareholder letter for the third quarter. He clarified that his firm “holds ~2 million BTC. ~$39.9bn price of 9/30. (see our 10Q).”

If you happen to see FUD on the market - bear in mind our funds are public (we're a public firm). https://t.co/ayzN0zaqgT

— Brian Armstrong (@brian_armstrong) November 22, 2022

CZ deleted his tweet shortly after, stating, "Brian Armstrong simply instructed me the numbers within the articles are fallacious. Deleted earlier tweet. Let's work collectively to enhance transparency within the trade.”

Brian Armstrong simply instructed me the numbers within the articles are fallacious. Deleted earlier tweet. Let's work collectively to enhance transparency within the trade.

— CZ Binance (@cz_binance) November 22, 2022

Given current market occasions and Binance's perceived function in instigating them, some have known as out CZ over the insinuations. To recap, many consider that FTX's liquidation disaster, which has induced a basic spiral out there over the previous two weeks, was initially triggered by Binance's CEO after his tweets induced panic and a financial institution run on FTX.

Will Clemente, co-founder of digital asset analysis agency Reflexivity Analysis, shared on Twitter; “The final tweet CZ made about Coinbase's bitcoin holdings, which he simply deleted, did not look good. I get the argument that he is making an attempt to guard the trade, however CZ is greater than good sufficient to know that exchanges and custody accounts are separate."

The final tweet CZ made about Coinbase's bitcoin holdings, which he simply deleted, did not look good. I get the argument that he is making an attempt to guard the trade, however CZ is greater than good sufficient to know that exchanges and custody accounts are separate.

— Will Clemente (@WClementeIII) November 22, 2022

Mario Nawfal, Founder and CEO of IBCgroup.io, tweeted: “Is CZ claiming that Coinbase custody is NOT holding 1 to 1 BTC on behalf of Grayscale Belief???? See his newest tweet. That is a priority I've by no means had earlier than. That is a VERY critical query (implicit accusation?) to ask.”

Does CZ imply that Coinbase Custody is NOT holding 1 to 1 BTC on behalf of Grayscale Belief????

See his newest tweet. That is a priority I've by no means had earlier than.

It is a VERY critical query (implicit accusation?).

We'll talk about this on the present and add factors under

– Mario Nawfal (@MarioNawfal) November 22, 2022

Analyst, dealer and investor @360_trader shared, “CZ simply proved at the moment that they care about one factor... their empire. He IS NOT right here to look out for the trade... he deleted the tweet... However now... as I anticipated... he is uncovered himself as a villain."

CZ proved at the moment that he solely cares about one factor... his empire.

He IS NOT right here to look out for the trade... he deleted the tweet...

However now... as I anticipated...

He revealed himself as a villain.

— 360Trader (@360_trader) November 22, 2022

Dealer and investor @BobLoukas known as out CZ for lack of due diligence earlier than tweeting. He shared, "CZ 'Let's work collectively to enhance transparency within the trade.' Additionally CZ – In the midst of a significant bear market liquidity occasion, let me tweet a random FUD to thousands and thousands earlier than perhaps simply reaching out to verify.

CZ "Let's work collectively to enhance transparency within the trade."

Additionally CZ – Let me tweet a random FUD to thousands and thousands in the course of a significant bear market liquidity occasion earlier than perhaps simply reaching out for affirmation. https://t.co/UA00hieJsC

— Bob Loukas (@BobLoukas) November 22, 2022

Associated: Binance CEO denies report that the agency has met with Abu Dhabi traders for a crypto restoration fund

On November 18, cryptocurrency funding product supplier Grayscale Investments introduced that all the digital belongings underlying Grayscale's digital asset merchandise might be held in custody by Coinbase Custody Belief Firm, LLC. Although the corporate has refused to supply on-chain proof of reserves or pockets addresses to point out underlying belongings, citing "safety considerations." On the time of publication, the Coinbase $COIN token had skilled a 5.3% value enhance.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 23, 2023
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