Binance founder Changpeng “CZ” Zhao addressed the sharp decline in the crypto market in a social media post, encouraging users to use decentralized and self‑hosted wallets.
CZ said, “I was in Bahrain today, attending meetings throughout the day. The crypto market was quite volatile today. I don't know exactly what happened, but I suspect it was due to the fake news (FUD) that spread about Alpha not listing certain coins. While the news was quickly debunked, the impact was already evident. That's the scary thing about FUD: when enough people are deceived, the market can suffer.”
Zhao also stated that he was given too much credit for market movements:
“Whether the market is doing well or going poorly, people attribute it to me. Yet, I'm in meetings all day. I see headlines like 'BlackRock sold BTC' or 'Binance sold BTC.' It should be 'BlackRock customers' or 'Binance users sold BTC.'”
CZ concluded his remarks with advice for investors: “Use your own decentralized wallets to access memecoins or other crypto assets. Manage your risks and continue to improve.”
*This is not investment advice.