Key Takeaways
- CZ clarified his X follows “mean nothing” after discovering some users were selling “CZ-followed” accounts for thousands of dollars.
- The comments highlight the risks of traders following crypto social media.
- In darker cases, crypto influencers use speculative hype to drive interest in crypto.
Former Binance CEO and founder Changpeng Zhao (CZ) has warned his millions of followers not to mistake his ‘social media follows’ for endorsements.
The comments follow reports that some individuals were buying and selling accounts that had been followed by him, in some cases for thousands of dollars.
CZ Denounces Follow Endorsements
In a post on X on Monday, CZ denounced any thoughts that his follow list was meant to be an endorsement.
“Don’t buy handles that I follow. I will unfollow any sold accounts,” Zhao wrote on X, adding that he follows people “randomly.”
The Binance founder said he follows people often because they are “supportive, informative, [or] positive energy people.”
He added: “My follow means nothing, not endorsement.”
“CZ Follow” Accounts
In a separate post, an X user shared how accounts followed by CZ could sell for up to $20,000 USDT in 2022.
Some traders reportedly paid as much as $3,000 just to acquire a “CZ-followed” handle, only to later be unfollowed when the Binance chief discovered the practice.
While some saw these transactions as harmless attempts to gain status, others exploited the phenomenon for more malicious purposes.
The X user warned that criminal groups had started buying such accounts to promote crypto scams and rug pulls, exploiting Zhao’s reputation for legitimacy.
“That’s the really detestable part, so Big Cousin’s wave of unfollowing is actually the right move,” the translated post read.
In response to the move, some X users were left shocked.
“That’s actually wild-people were out here paying $3,000–$20,000 just because CZ followed them,” said one user, “man turned a Twitter follow into a whole bull market economy.”
The Dangers of Crypto Social Media
As cybersecurity firm OneSafe recently noted in a blog post, “social media can be a double-edged sword” in crypto markets.
In its report about crypto social media danger, OneSafe wrote that “cryptocurrency prices are like a leaf in the wind when it comes to social media manipulation.”
The publication noted how a single post can trigger frenzied speculation, regardless of whether the claims are backed by data.
“Self-proclaimed experts dish out advice that can lead to significant financial losses for those who rely on unverified claims instead of objective blockchain data,” the firm wrote.
That pattern mirrors what CZ has attempted to push back against, as the lines of legitimate engagement and hype-based validation get increasingly blurred.
In more dark cases, as Barron’s reported, these influencers often “use speculative hype to drive interest in cryptocurrencies,” sometimes engaging in pump-and-dump schemes by inflating token prices before selling their holdings for profit.
Many fail to disclose their financial interests, the firm noted, leaving retail investors to “buy in, only to experience negative returns when the initial hype dies down.”
Barron’s cited the FBI’s Internet Crime Complaint Center (IC3) data showing nearly 150,000 crypto-related complaints in 2024, with reported losses reaching $9.3 billion, a 66% jump from the previous year.
Particularly alarming was the vulnerability of older investors, with a reported 33,000 Americans over 60 reported losing a combined $2.8 billion.
The FBI also believes the true toll is likely higher because many victims never come forward.
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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.
