Key Takeaways
- The release of Changpeng Zhao’s Freedom of Money has revived a decade-long dispute with OKX founder Star Xu.
- Accusations expand beyond the past dispute.
- Rivalry reflects deeper industry tensions.
A long-running dispute between crypto exchange founders resurfaced on Tuesday after OKX founder Star Xu renewed allegations that Binance founder Changpeng Zhao (CZ) forged contract documents, following the release of Zhao’s memoir.
The renewed exchange of accusations comes after CZ wrote in his autobiography that Huobi founder Li Lin told him in 2025 he had been arrested due to a whistleblower report allegedly linked to Xu.
Xu denied that account and, in a series of posts on X, revisited a years-old dispute over an alleged contract forgery during CZ’s tenure at OKCoin, the predecessor to OKX.
Star Xu Reiterates Accusations
Xu said he did not intend to revisit the earlier controversy but chose to respond after CZ mentioned him in his book.
He rejected CZ’s account regarding Li Lin as “purely false information.”
Xu added that complaints and reports are common in the crypto industry and do not determine legal outcomes.
He also revived allegations from more than a decade ago, saying he had already made evidence of contract falsification public, including a notarized video he reposted.
The video, he claimed, showed chat records and multiple versions of a contract sent from CZ’s account, including one containing a six-month termination clause.
Referring to CZ’s past legal issues, Xu accused him of continuing to spread falsehoods, describing him as “a habitual liar” and alleging inaccuracies in the memoir related to his time at OKCoin.
CZ has previously denied any wrongdoing in the contract dispute and, in his book, reiterates that the forgery allegations are unfounded.
Longstanding CZ Feud Resurfaces
The dispute between Xu and CZ began in 2014–2015, when CZ served as a senior executive at OKCoin.
Tensions escalated after a commercial agreement involving Roger Ver became contested.
Both sides offered conflicting accounts over which version of the contract was agreed.
They also disputed whether any documents had been altered.
At the time, OKCoin accused CZ of fabricating contract versions.
CZ denied the allegations and said the evidence may have been manipulated.
The disagreement quickly evolved into a broader public feud, with both parties trading accusations over business practices and credibility.
CZ left OKCoin in 2015 and went on to found Binance in 2017, which grew into the world’s largest cryptocurrency exchange.
OKX, rebranded from OKCoin, has remained one of its main competitors.
CZ–OKCoin Dispute Timeline
Early 2014 – CZ joins OKCoin
CZ joins OKCoin, the China-based bitcoin exchange founded by Star Xu, as chief technology officer. He becomes a significant shareholder and a senior executive within the firm.
December 2014 – Roger Ver contract signed
OKCoin enters into a commercial agreement with early bitcoin investor Roger Ver related to bitcoin.com. CZ is closely involved in negotiating and managing the deal.
December 16, 2014 – Disputed contract versions emerge
Two versions of the agreement, referred to as “v7” and “v8,” are later cited in the dispute.
OKCoin alleges both were sent from CZ’s QQ messaging account to a company accountant, with version 8 containing a six-month termination clause.
2015 (early) – Evidence released by OKCoin
OKCoin publishes materials, including a notarized video, which it says show chat records and contract files retrieved from internal accounts as evidence of document handling.
February 2015 – CZ departs OKCoin
CZ leaves the company, with both sides initially citing differing directions. Relations quickly deteriorate afterward.
May 2015 – Public dispute escalates
The disagreement became public as the contract with Roger Ver was contested. Ver accuses OKCoin of breaching the agreement.
- CZ says he only agreed to version 7 and claims version 8 was fabricated or altered.
- OKCoin rejects these claims and accuses CZ of misconduct, including forging documents and misrepresenting his background.
Continued Binance, CZ Criticism
The comments come after Xu aimed sharp criticism following the dramatic market downturn in October. h
His remarks were widely seen as directed at Binance and CZ at the time.
In posts responding to commentary from investors including Cathie Wood, Xu said the fallout from the Oct. 10 sell-off had been “real and lasting.”
Without naming Binance explicitly, Xu criticized what he described as a leading industry player for prioritizing short-term profits over market stability.
He also accused some competitors of promoting “Ponzi-like schemes” and speculative narratives to attract users, comments that observers interpreted as aimed at rival exchanges led by CZ.
Xu further alleged that, rather than addressing failures transparently, some platforms rely on aggressive messaging and coordinated influencer campaigns to shape public perception.
CZ’s Long-Awaited Memoir Releases
The latest dispute was triggered by CZ’s memoir released on April 8, which revisits his early career and past controversies.
The book, titled Freedom of Money, also recounts Binance’s brief attempt to acquire FTX in November 2022.
He wrote that FTX founder Sam Bankman-Fried requested “a couple of billion dollars” during a call.
CZ said Binance had “zero desire” to acquire FTX and viewed the non-binding agreement primarily as a way to assess risks and protect users.
He also described a private messaging group among major exchange executives.
The group includes Coinbase’s Brian Armstrong and Kraken’s Jesse Powell.
However, it later drew scrutiny from U.S. regulators investigating potential market coordination.
CZ said there was no evidence of collusion.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
