CZ's Memoir Sparks New Chapter in Crypto's Most Infamous Rivalry

Is the crypto world ready for another round of drama between Changpeng Zhao (CZ) and Star Xu? With the release of CZ's memoir, 'Freedom of Money,' old wounds between these crypto titans are being torn open once more.

The Raw Data

CZ's autobiography, launched on April 8, isn't just about his journey from rural China to leading Binance, the world’s largest crypto exchange. It's a recounting of his tumultuous time at OKCoin, the precursor to OKX, and the bitter battle that unfolded post-2015. In that year, CZ left OKCoin amid a contentious contract dispute involving a 10% equity stake and management of the Bitcoin.com domain name, a drama that also dragged in early Bitcoin investor Roger Ver.

Ver accused OKCoin of forging a contract with a six-month termination clause, a claim CZ supported with accusations of OKCoin using bots to inflate trade volumes. Star Xu, OKX's founder, refuted these claims and accused CZ of deceit. This legal and verbal battle involved $570,000 in lawsuits and accusations of signature forgery, pulling back a curtain on internal machinations few outsiders see.

Historical Context: Why It Matters

Crypto's early years were turbulent, particularly in China, where regulatory crackdowns have been frequent. Founders like CZ, Star Xu, Li Lin, and Justin Sun navigated through these challenges, shaping platforms that still dominate today. The 2020 crackdown that CZ revisits in his book saw OKCoin's withdrawal suspension on October 16 and Xu’s reported detention by Chinese authorities for over a month. This wasn't isolated. Li Lin of Huobi also faced detention, selling Huobi to Justin Sun's entity, About Capital Management, for around $1 billion in 2022. A shortfall of $30 million during this sale led to further disputes.

The memoir claims Li Lin revealed in 2025 that Star Xu had reported him to the police, leading to his arrest. This alleged snitching isn't just petty infighting. it highlights the intense rivalries and strategic battles that still impact the crypto market today.

Industry Insiders Weigh In

According to traders, these revelations could impact market perceptions of these leaders. CZ's memoir might be seen as an attempt to solidify his narrative, given his conviction in 2023 for anti-money laundering violations and subsequent imprisonment in the U.S. But there's skepticism too. Star Xu's rebuttal, accompanied by resurfaced evidence from 2014, questions CZ's credibility. He accuses CZ of being a 'habitual liar,' questioning even personal matters like CZ’s marital status. Traders are watching to see whose credibility takes a hit, as this could affect investor confidence in their respective exchanges.

What's Next for the Crypto World?

So, what does this mean for the crypto market? The reality is, these personal disputes have widespread implications. They not only shape public narratives but also inform market decisions. Investors and users of Binance, OKX, and HTX will watch closely. Can CZ continue positioning himself as a thought leader despite these allegations? Will Xu maintain his reputation as a stable leader of OKX?

One thing's certain: This isn't just old drama. It's a live wire in the crypto community, with claims yet to be independently verified. The numbers tell the story, but world of crypto, it’s the narratives that linger. As these giants of the past clash once more, the stakes for their future, and the future of their platforms, are higher than ever.