CZ Debunks 60k BTC Hedge Fake News-Mel Brooks-Style!

Picture the crypto stage: a wild circus, a laser-lit podium, and CZ tonight wearing a tuxedo stitched from code and a grin that says, “It’s showtime, folks, and yes, I brought a broom for all the fake news sweeping the stage.” He swears Binance never traded on BitMEX, never booked 60,000 BTC in hedge profits during the March 2020 crash, and calls the viral claim “fake news” with the gravity of a slapstick pratfall. And yes, there’s a joke in there about a QWERTY hedge fund named after a salad dressing.

Binance never hedged client flow on BitMEX for over 60,000 BTC; the tale is fake news and, he jokes, technically impossible-like a crypto unicorn in a tuxedo.

Binance founder Changpeng “CZ” Zhao has swung his pretend‑saber to quash fresh rumors that the exchange secretly booked more than 60,000 BTC in profits by hedging client risk on BitMEX during the March 2020 crash, calling the claim “fake news” and a shining example of rumor‑driven crypto warfare that would make even a blockchain blush.

CZ pushes back on BitMEX hedge narrative

In response to a viral post from Flood, CEO of fullstack_trade on Hyperliquid, CZ says the claim that Binance hedged flow on BitMEX for over 60,000 BTC in profit during the Covid era is entirely fabricated. “4. Fake news. They just making things up randomly now. Not sure what their goal is. I feel bad for the people believing this without seeing any proof,” he writes, adding bluntly that “Binance never traded on BitMex.” Zhao even tags BitMEX co‑founder Arthur Hayes to underline the operational snag of the time, noting that “BitMex processes withdrawals only once a day,” a setup that would have made real‑time hedging of that magnitude practically impossible.

BitMEX and traders call claim “impossible”

Market voices weigh in like a chorus of skeptical comedians. “Exactly. BitMEX’s once‑a‑day withdrawal window back in 2020 made it impossible for an exchange to use it for a real‑time hedge of that size,” says commentator Murtuza J. Merchant, stressing that “no entity would trap 60,000 BTC in a manual multi‑sig during a black swan crash.” He suggests the “60k” figure is likely a garbled memory from the old days of the punchline markets, not a verifiable trade record. BitMEX itself confirms there are no records backing the alleged flows and notes its upgrade from daily batched withdrawals to real‑time payouts since 2020 as part of bigger infrastructure changes.

FUD, Binance’s legacy, and market context

Not everyone buys the “fake news” shtick. A skeptical poster under the handle Broly counters that Binance has played a major role in crypto’s rollercoaster, citing FTX’s collapse, LUNA drama before withdrawals, and general crypto chaos. The episode is treated like another round of competitive FUD-yet it also shows how opaque cross‑exchange flows, old grievances, and hazy memories can harden into conspiracy lore in a market that trades on screenshots and whispers as readily as audits and disclosures.

Market prices and further reading

Meanwhile, the price drama continues to perform. Bitcoin (BTC) hovers around $68,280, with a 24‑hour range roughly from $64,760 to $71,450. Ethereum (ETH) sits near the low $2,000s, with near‑term key levels around $1,940-$2,100. Solana (SOL) trades in the high‑$70s to low‑$80s, flat after a recent high‑flying encore.

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2026-02-13 14:34