Overview
- Zhao said Binance did not sell $1 billion in bitcoin during the weekend slump, asserting that exchange wallet changes reflect user withdrawals.
- He detailed that SAFU purchases will be spread over 30 days in intervals and executed on Binance’s centralized venue rather than through a DEX.
- He characterized the accusations as “pretty imaginative FUD” and rejected claims that his comments about a supercycle meaningfully moved the market.
- OKX founder Star Xu and others continue to fault Binance for the Oct. 10 flash crash that wiped out roughly $19 billion in leveraged positions.
- Addressing concerns about market impact, Zhao argued that $1 billion over 30 days is negligible relative to bitcoin’s market value, and Binance has said it will restore SAFU to $1 billion if market moves push it below $800 million.