- •CZ denies any investment by Binance Labs in Hyperliquid.
- •Jeff, Hyperliquid’s founder, joined a 2018 YZiLabs program.
- •YZiLabs was not part of Binance Labs and later failed.
Binance founder Changpeng Zhao (CZ) has addressed confusion surrounding Hyperliquid and its founder, Jeff. In a recent statement, CZ made it clear that Binance Labs, the venture arm of Binance, has no investment ties with the Hyperliquid project.
Clearing Up the Confusion
The mix-up likely started due to Jeff’s early association with crypto programs during the 2018 bull run. At the time, multiple incubators and startup accelerators were operating under loosely defined names, creating confusion about their affiliations.
CZ pointed out that YZiLabs had no long-term impact and didn’t receive support from Binance Labs at any stage. He reiterated that Binance Labs operates independently with a transparent portfolio, and Hyperliquid is not among the projects they’ve backed.
This public clarification aims to keep Binance’s brand separate from any misinformation that may arise, especially during a time when the crypto community is increasingly scrutinizing project origins and investor backers.
The Importance of Transparency in Crypto
In a fast-moving industry like crypto, clear communication is essential. With frequent rug pulls and misrepresented affiliations, investors often rely on names like Binance for assurance. CZ’s statement reflects a broader effort by major players to protect their reputations and distance themselves from any misleading narratives.
As new projects like Hyperliquid gain traction, it’s natural for the community to dig into founders’ backgrounds. However, CZ’s remarks remind us that early career experiences don’t necessarily mean long-term partnerships or endorsements.