Following a tweet made by Binance CEO Changpeng Zhao (CZ) on November 22 about Coinbase’s Bitcoin holdings, after a few moments, he deleted the tweet, stating that some of the figures in the referenced articles were wrong.
https://twitter.com/cz_binance/status/1595126765143617536?t=suf4x7bwGygDJnkeB02gmw&s=19
A review of the deleted tweet revealed that CZ referred to a yahoo finance article, which alleged that Coinbase holds a paltry 635,000 BTC on behalf of Grayscale. He also asserted that Glassnode has more details.
In reaction, Coinbase CEO Brian Armstrong tacitly responded to CZ in a couple of tweets, urging the members of the public to disdain FUD info as Coinbase financial documents have also been made public.
Armstrong further stated that Coinbase holds approximately 2M BTC, which was worth $39.9 billion as of Sept. 30 as captured in the last quarter’s report.
Thereafter, he enjoined all industry players to come together with a view to contributing to the development of crypto space.
Reactions Trail CZ Deleted Tweets
Aside from Coinbase’s reaction to the deleted tweet, a number of key players in the crypto industry have criticized CZ. Will Clemente, co-founder of digital asset research firm Reflexivity Research, contended that the deleted tweet wasn’t a good look and argued that CZ should be smart enough to detect wrong information.
In the same vein, trader and investor @360_trader stated that CZ made it clear that he wants the cryptocurrency industry to revolve only around him, stressing that he has exposed himself as a villain.
Meanwhile, Mario Nawfal, Founder & CEO of IBCgroup.io, queried the deleted CZ tweet that:
does it imply that Coinbase does not hold 1 to 1 BTC on behalf of Grayscale Trust? Adding that such circumstances could be detrimental.
Recall that CZ tweets exposing the liquidity crisis of FTX were instrumental to the eventual collapse of the crypto exchange as it generated panic and tension in the market.
