The Secret War: Star Xu vs. Changpeng Zhao (CZ)
The Secret War: Star Xu vs. Changpeng Zhao (CZ)
Ten Years of Rivalry Between Crypto's Biggest Titans
Special Investigation · April 10, 2026 · 5-minute read
The Key Players
| Person | Full Name | Platform | Role |
|---|---|---|---|
| Star Xu | Star Xu (Xu Mingxing) | OKX | Founder & CEO |
| CZ | Changpeng Zhao | Binance | Former Founder & CEO |
| Leon Li | Leon Li (Li Lin) | Huobi / HTX | Founder |
| Roger Ver | Roger Ver | Independent | Early Bitcoin investor |
The Spark
Imagine waking up on an ordinary morning, opening Twitter, and finding the founder of the world's third-largest crypto exchange calling his most famous rival "a habitual liar" — not in court, not in an interview, but in public posts in front of millions of followers.
That is exactly what happened on Wednesday, April 8, 2026, when Changpeng Zhao, known as CZ, the founder of Binance and the wealthiest person in the crypto world, released his memoir titled "Freedom of Money". The book runs 457 pages, but a handful of paragraphs were enough to reignite a fire that had been smouldering for years.
"I have no interest in revisiting these old disputes with CZ, but his book filled with falsehoods has dragged me into this for no reason. He has a long-standing habit of making misleading statements to the public, the media, and the world."
— Star Xu (Xu Mingxing), Founder of OKX, April 9, 2026
The Roots — A Story That Began in 2014
To understand the depth of this confrontation, we must go back to the beginning. In 2014, Changpeng Zhao (CZ) was simply a CTO working at OKCoin — the predecessor to OKX — under the leadership of Star Xu.
Timeline
| Year | Event |
|---|---|
| 2014 | Changpeng Zhao (CZ) joins OKCoin (founded by Star Xu) as Chief Technology Officer. The two men were allies in the rising Bitcoin market |
| 2015 | First accusation: A dispute over a commercial contract with early Bitcoin investor Roger Ver. OKCoin publicly accused CZ of forging a contract version. CZ denied everything and departed |
| 2017 | Changpeng Zhao (CZ) founds Binance. Within months, the fired CTO became the most powerful competitor in the industry |
| 2020 | OKX halts customer withdrawals for five weeks while Star Xu is reportedly under investigation in China. CZ uses this incident in his memoir |
| Oct. 2025 | Star Xu accuses Binance of causing a market crash that wiped out $19 billion — "worse than the FTX collapse" |
| Apr. 8, 2026 | CZ releases memoir "Freedom of Money" — reigniting the public war |
The Accusations — Who Is Lying?
The memoir added new layers of accusations. Changpeng Zhao (CZ) did not merely revisit old history — he dared to claim that Star Xu was behind the arrest of Huobi founder Leon Li in China, a grave allegation implying the use of regulatory authorities against competitors.
⚔️ Accusations Table
| CZ (Changpeng Zhao) Claims | Star Xu Responds |
|---|---|
| Star Xu reported Leon Li (Huobi founder) to Chinese authorities | "Purely absurd nonsense. Complaints against large exchanges are common" |
| Evidence of Roger Ver contract forgery was manipulated — he is innocent | Re-posted a notarized 2014 video showing two contract versions sent two hours apart |
| Rivals coordinated to undermine Binance's rise from the beginning | CZ is "rewriting history" instead of facing facts |
| OKX was vulnerable because Star Xu alone held the wallet keys | Did not directly address this operational claim |
💰 The Strangest Bet in Crypto History
The conflict did not stop at professional accusations. Star Xu targeted Changpeng Zhao (CZ) on his most sensitive personal front: his wealth and his divorce.
Star Xu publicly asked: Has CZ's stake in Binance been legally divided with his ex-wife? He pointed to figures like Bill Gates and Jeff Bezos, who followed transparent legal processes during their divorces — why won't Changpeng Zhao do the same?
CZ responded in his characteristically bold fashion:
"I am officially divorced. I won't post any legal docs online, as I respect the privacy of my ex-wife, and I appreciate the time we spent together. I am happy to bet $1 billion USD (or any number you choose) on that."
— Changpeng Zhao (CZ), April 9, 2026
What Is Really Going On?
This conflict is not merely a personal dispute between two successful men. It is a battle for dominance between OKX and Binance — two giants competing for millions of users and billions of dollars in daily trading volume.
Star Xu does not simply want to "reveal the truth" — he wants to plant seeds of doubt about Changpeng Zhao's credibility in front of investors and regulators who are watching Binance closely following its 2023 guilty plea on money-laundering charges and a $4.3 billion settlement.
Changpeng Zhao (CZ), on his part, wants the memoir to paint a different picture of himself: a man who faced coordinated attacks at every professional milestone, yet stood firm and built the largest crypto empire in history — now beating the drums once more after his release from prison in 2024.
"Whoever controls the narrative controls trust — and in crypto, trust is everything."
Conclusion
Ten years of silent rivalry between Star Xu and Changpeng Zhao (CZ) have now erupted into the open in a way the crypto world has never seen. Star Xu wants to damage the mythology of CZ. CZ wants to rewrite his own history.
But the real question observers are asking:
If crypto's biggest titans — Star Xu and Changpeng Zhao — are publicly accusing each other of forgery and betrayal, how can ordinary users ever be expected to trust the industry?