Key Takeaways
- CZ faced backlash for advocating a “hold and wait” strategy, as several Binance-listed tokens sharply declined after initial hype.
- He dismissed the criticism as a coordinated attack, citing multiple posts from unfamiliar accounts that appeared strikingly similar.
- The community remains divided: supporters view the backlash as FUD manipulation, while critics accuse him of providing misleading guidance.
Founder Changpeng Zhao (CZ) has responded to mounting criticism of both himself and Binance, describing the attacks as targeted and coordinated.
Much of the backlash has played out on social media, particularly X, focusing on his long-standing advice for investors to “buy and hold” or “hold and wait” during periods of market volatility.
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CZ Defends “Hold and Wait” Strategy
CZ directly addressed the backlash on Jan. 28 via X, dismissing the criticisms as a “coordinated attack.”
The Binance founder replied to a supportive post, challenging why people blamed him for investors’ decisions:
“There is some coordinated attack recently, picking that as a topic... Lots of accounts I don’t recognize suddenly tweet roughly copy and paste on the same topic.”
He suggested that organized FUD campaigns were at play, echoing views from community members who argued that market movements are driven by liquidity and narratives, not CZ alone.
This isn’t the first time CZ has faced such allegations. He has referenced similar patterns in the past, including a cryptic comment during a 2025 Cloudflare outage and claims that the October market crash was orchestrated by insiders.
CZ also emphasized personal responsibility, reflecting the original post he replied to:
“Don’t you do your own research? Don’t you make your own decisions?”
Critics argue that CZ’s guidance has misled the community, contributing to significant losses—especially for tokens listed on Binance, which often falter after initial hype.
Memecoins and other tokens, like ASTER, have seen dramatic pumps followed by crashes, leaving retail investors at a loss.
Investors Still Furious
The recent uproar surrounding Binance reflects broader frustrations with the exchange’s operations.
A major flashpoint was the Oct. 10–11, 2025, crypto market crash, which some analysts have described as a possible “coordinated hit” on Binance.
During the event, altcoins’ market capitalization dropped by up to 54%, triggering $20–100 billion in liquidations.
Users reported platform glitches, delayed trades, and unfair liquidations, compounding losses.
Accusations of insider manipulation also emerged, including compromised market maker accounts that allegedly fueled artificial pumps in tokens like:
- BROCCOLI (up 1,200% in a suspected hack).
- Mubarakah (rising 200% after a WeChat promotion).
Critics have also pointed to Binance’s history of delistings and stablecoin controversies, including the 2023 BUSD fallout, as evidence of poor project vetting.
Social media amplified these claims, with users questioning whether the criticism reflects genuine grievances or organized attacks.
Many recounted personal stories of denied compensation for the October crash. They alleged favoritism toward key opinion leaders (KOLs) over retail investors.
This narrative casts CZ’s “hold and wait” guidance as potentially misleading, suggesting that Binance profits from token listing fees—reportedly up to 8% of supply—before certain assets collapse.
The debate reignited after CZ’s recent comments on U.S. banks accumulating Bitcoin during panic sells, which some saw as tone-deaf amid retail losses.
The community response to CZ’s rebuttal has been sharply divided.
Supporters framed the criticism as coordinated disinformation.
Meanwhile defenders likened it to “organized crime” targeting Binance and Bitcoin for cheap acquisitions.
Others speculated that vulnerabilities, such as an unpatched system flaw prior to the October dump, played a role, casting doubt on CZ’s direct responsibility.
