Key Highlights
- An anonymous user on X has decided to play crypto detective, claiming Binance raked in over 60,000 BTC by supposedly hedging client positions during the infamous COVID-19 crash. Spoiler alert: it’s a wild ride!
- Changpeng Zhao, affectionately dubbed CZ by his followers, has branded this juicy tidbit as “fake news,” insisting that Binance never dipped its toes in the BitMEX pond.
- As for Arthur Hayes and the BitMEX crew? They’re as silent as a church mouse in a crypto bear market, leaving everyone on X scratching their heads.
So, Changpeng Zhao, the Co-Founder of Binance and one of the undisputed titans of the crypto universe, has thrown some shade at a resurrected claim that his exchange secretly pocketed massive profits by playing both sides on BitMEX during the March 2020 market meltdown. Because who doesn’t love a good conspiracy theory?
This eyebrow-raising allegation, served hot by an anonymous user known as Flood (no, not the water kind), paints Binance as the grand champion of BitMEX, supposedly netting more than 60,000 Bitcoin while the world was losing its mind over the pandemic.
The mysterious Flood claimed that Binance was trading like a frenzied stockbroker during the market’s nosedive on March 12, 2020, when Bitcoin decided to take a 50% plunge faster than a cat off a hot tin roof. According to him, this was the largest single withdrawal in BitMEX’s history and the highest recorded profit-loss figure, which has sparked whispers about insider trading or, you know, just plain old shenanigans.
CZ, however, took to social media to clear the air, declaring it all “Fake news” and reiterating that Binance never traded on BitMEX. In a friendly jab, he even tagged Arthur Hayes-because nothing says “I’m innocent” like calling your alleged competitor your friend-while reminding everyone that BitMEX only processes withdrawals once a day. Talk about slow service!
4. Fake news. They just making things up randomly now. Not sure what their goal is. I feel bad for the people believing this without seeing any proof. 😂
Binance never traded on BitMex. @CryptoHayes (a friend) would know. BitMex processes withdrawals only once a day (as far as I…
– CZ 🔶 BNB (@cz_binance) February 13, 2026
In a moment that can only be described as classic CZ, he hinted at the recent wave of criticisms directed at him and Binance, a phenomenon in the crypto community known as ‘FUDing.’ “They just making things up randomly now. Not sure what their goal is,” he lamented. “I feel bad for the people believing this without seeing any proof.”
As of this moment, neither BitMEX nor the other parties involved have felt the need to comment on this latest round of allegations. It just goes to show how ancient tales can rise from the digital graveyards of social media, especially when Bitcoin is doing its usual dance around those psychological price levels, leaving traders desperate for any explanation behind the chaos.
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2026-02-13 10:22