CZ of Binance Alleged to Be Pushing Bitcoin (BTC) Price Down, Here's How

Crypto community accuses Changpeng Zhao of selling Bitcoin to support BNB and prevent it from crashing, while prominent investor Mike Alfred criticizes CZ for "selling customer Bitcoin" to stay solvent.

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Relevant topic timeline:

8/23/2023

Binance CEO Accused of Tanking Bitcoin to Prop Up BNB

The head of Binance, Changpeng Zhao, is accused of using Bitcoin to support the price of Binance's BNB token amidst regulatory pressures, according to popular investors in the crypto community.

8/24/2023

CZ Responds to Allegations of Binance Dumping Bitcoin to Defend BNB

Binance CEO Changpeng Zhao dispelled rumors of internal chaos at Binance, explaining that the exchange is not selling its Bitcoin stash to protect the price of its native token, BNB, and that Binance did not fund BNB Chain's recent loan repayment.