CZ’s “Freedom of Money” Book Revives China’s Ugliest Crypto Feud
Binance founder Changpeng Zhao (CZ) launched his 457-page memoir “Freedom of Money” on April 8. The e-book has already triggered a public struggle of phrases with OKX founder Star Xu.
The autobiography covers CZ’s journey from rural China to constructing the world’s largest crypto change. However, its most explosive claims contain fellow Chinese crypto titans, together with Huobi founder Li Lin and Tron (TRX) founder Justin Sun.
The Roots of a Decade-Old Rivalry
CZ joined OKCoin, the predecessor of the OKX exchange, as Chief Technology Officer in mid-2014. His tenure lasted lower than a yr.
According to the memoir, CZ left in early 2015 after Star Xu tried to renegotiate the ten% fairness stake CZ held within the firm.
The departure was not clear. A bitter contract dispute erupted shortly after, centered on the administration of the Bitcoin.com area title.
CZ had brokered a deal between OKCoin and early Bitcoin (BTC) investor Roger Ver. Ver entrusted the area’s operation to the change in return for month-to-month funds.
Two variations of the contract existed. Ver and CZ each claimed OKCoin had solid a modified model including a six-month termination clause. Xu blamed CZ for the forgery.
That 2015 feud drew in Ver, who sued OKCoin for $570,000. It additionally noticed CZ publicly accuse OKCoin of inflating commerce volumes with bots and manipulating a proof-of-reserves audit.
Xu fired again by questioning CZ’s credentials and accusing him of deceit. The dispute ultimately pale, however neither aspect forgot.
From Old Grudges to New Allegations
In “Freedom of Money,” CZ revisits the 2020 Chinese regulatory crackdown that shook the nation’s crypto trade.
He describes OKCoin announcing an indefinite suspension of withdrawals on October 16, 2020. Star Xu was reportedly positioned underneath “gentle detention” by Chinese police. Xu was launched after about 5 weeks.
Two days after Xu’s launch, Huobi founder Li Lin and different executives have been detained throughout a public occasion on November 28, 2020.
Li Lin endured roughly 90 days of gentle detention. He ultimately exited the trade and bought Huobi to Justin Sun’s funding car, About Capital Management, in October 2022.
That deal, reportedly valued at round $1 billion, later grew to become a supply of battle between Sun and Li.
Sun accused Li of concealing a $30 million shortfall throughout due diligence. Li, in flip, sued over trademark rights. Sun has since rebranded the change as HTX.
The most incendiary declare in CZ’s e-book entails what allegedly occurred years later.
CZ writes that at a 2025 dinner, Li Lin instructed him he had seen a screenshot exhibiting that Star Xu had personally reported him to the Chinese police. That report, CZ claims, triggered Li Lin’s arrest.
“Five years later, at a dinner in 2025, I met Li Lin once more after 11 years. Li Lin instructed me that he had seen a screenshot exhibiting Xu Mingxing personally reporting him to the Chinese police, and it was this report that led to his arrest.”
Star Xu Hits Back
Xu responded, calling the snitching allegation absurd, and dismissed CZ as somebody whose nature doesn’t change after 4 months in jail. CZ served time in a U.S. federal facility after pleading responsible to anti-money laundering violations in 2023. He paid a $150 million private wonderful whereas Binance paid $4.3 billion.
“After spending 4 months in jail, he continues to make false statements to the world. All I can say is: a routine liar by no means adjustments their nature,” he stated.
Xu didn’t cease at denial. He pivoted to the outdated OKCoin contract dispute, resurfacing a YouTube video and QQ chat logs from December 2014.
The proof, he argued, nonetheless proves CZ despatched two variations of the Ver contract to an OKCoin accountant. Version 7 arrived first. A modified model 8 adopted hours later with the added termination clause.
Beyond the contract dispute, Xu listed different claims he considers false. These included:
- CZ’s account of his time at OKCoin
- The Roger Ver dispute
- Whether CZ personally manipulated the market, and even
- CZ’s marital standing.
Xu additionally implied that CZ acted as a “tainted witness” who reported Justin Sun throughout a separate investigation.
CZ has circuitously responded to Xu’s posts.
What This Feud Reveals About China’s Crypto Founders
The change of accusations spotlights how private rivalries between China’s authentic crypto change founders nonetheless form public narratives.
CZ, Star Xu, Li Lin, and Justin Sun constructed 4 of probably the most influential platforms within the trade. All of them navigated Beijing’s crackdowns, founder detentions, and compelled offshore pivots between 2017 and 2022.
- Li Lin quietly exited after promoting Huobi.
- Justin Sun grew to become the controversial steward of its successor, HTX, whereas dealing with his personal U.S. Securities and Exchange Commission (SEC) prices for alleged securities fraud.
- CZ served his sentence and now positions himself as a thought chief via training initiatives.
- Xu continues to steer OKX, which stays one of the highest world exchanges by quantity.
None of the central claims on this feud has been independently verified. The screenshot CZ attributes to Li Lin has not been made public.
The 2014 contract proof stays contested after greater than a decade.
What is obvious is that “Freedom of Money” has turned a brand new web page on outdated wounds that China’s crypto class would reasonably preserve closed.
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