Changpeng Zhao, widely known as CZ, co-founder and former CEO of Binance, has addressed Bitcoin skeptics in a tweet as the cryptocurrency reached a new all-time high (ATH). Bitcoin surged to $89,956 earlier today, marking a nearly 10% increase over the past 24 hours. The milestone came just after a previous high of $77,252 set on Saturday, as Bitcoin’s rally continues to defy the skepticism that has historically surrounded it.
In his tweet, Zhao shared a link to a “Database of Notable Bitcoin Skeptics,” sarcastically referencing those who publicly doubted Bitcoin’s future. “If you believed any of these guys, then … blame yourself,” CZ wrote, pointing to a list of critics who once declared that Bitcoin was destined to fail.
Bitcoin Hits New ATH Amid Ongoing Bull Run
The surge in Bitcoin’s price marks a historic moment, as it approaches the psychological threshold of $90,000. Despite the euphoria surrounding Bitcoin’s latest rally, CZ has remained cautious, advising his followers to be mindful of potential market volatility. Earlier in 2019, Zhao famously warned those who sold Bitcoin under $10,000 to “slap yourself.”
Even more recently, in response to Bitcoin’s earlier surge to $77,252, CZ had cautioned investors to manage their greed, emphasizing that Bitcoin’s price would likely see both new highs and setbacks. “Don’t put all your eggs in one basket,” he advised, highlighting the importance of risk management as Bitcoin continues to climb.
FTX Sues Binance and CZ for $1.8 Billion
While CZ celebrates Bitcoin’s rise, he is also facing a significant legal challenge. On Monday, FTX, the now-defunct cryptocurrency exchange, filed a lawsuit against Binance and Changpeng Zhao, seeking to recover $1.8 billion. FTX claims that the funds were fraudulently transferred by former CEO Sam Bankman-Fried (SBF) during a repurchase deal in 2021, which saw Binance acquire 20% of FTX’s international platform and 18.4% of its U.S.-based branch.
The lawsuit alleges that FTX and its sister company, Alameda Research, were insolvent at the time of the transaction, making the $1.8 billion transfer fraudulent. FTX further accuses CZ of posting misleading tweets about the exchange in the lead-up to its collapse in November 2022, which ultimately contributed to its downfall. The dispute highlights the ongoing tensions between Binance and FTX’s former management, further complicating the landscape for both companies.
As Binance faces mounting legal pressure, CZ’s bold remarks about Bitcoin’s future and the broader crypto market are juxtaposed with the legal challenges that continue to unfold in the background. Despite these controversies, Bitcoin’s ongoing bull run underscores the volatile yet resilient nature of the cryptocurrency market.
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