Changpeng Zhao, widely known as CZ, has addressed rumors surrounding a resurfaced 2018 photo from Binance Labs. The former Binance CEO clarified that the photo actually features Jeff Yan, Co-Founder of Hyperliquid, participating in an early incubation group for his now‑defunct prediction market project, Deaux.
CZ also stressed that YZi Labs, which has since been rebranded as Binance Labs, is no longer actively making investments.
In a post on X, CZ wrote, “If you didn’t know, Jeff (HL) was part of the YZiLabs incubation season 1 cohort in 2018. Unfortunately, that project failed. YZiLabs did not recoup any of its investment. It happens.”
CZ even stated that he had very little interaction with Jeff back then. He also stated that although he had a scheduled call with Jeff earlier this year, it fell through due to a scheduling error on his side.
The term “Asterliquid” hints at a coordinated effort involving CZ, YZi Labs, and Hyperliquid’s Jeff Yan. The people behind these rumors have accused both CZ and HyperLiquid of acting as competitors to manipulate the market behind the scenes.
Aster Vs Hyperliquid
CZ has been backing Aster, as YZi also gave some initial funding for it. Within days of its launch, Aster quickly became Hyperliquid’s biggest competitor. Many are seeing it as a bitter response to Hyperliquid’s popularity. On the other hand, some individuals appreciated CZ’s candor and sense of humor.
Many analysts expect this competition to drive innovation, as each platform works to improve its architecture, liquidity solutions, and user experience to win the decentralized derivatives crown.