A significant public quarrel has erupted between Changpeng “CZ” Zhao, the founder of cryptocurrency exchange Binance, and Star Xu, founder of competitor OKX, following the release of Zhao’s memoir, Freedom of Money. The feud has escalated to include a striking $1 billion wager concerning Zhao’s marital status, alongside a revival of long-standing corporate allegations from nearly a decade ago.
The conflict traces back to the memoir’s publication on April 8, 2026. Within its pages, Zhao reflects on his short tenure as Chief Technology Officer at OKCoin, OKX’s predecessor, during 2014 and 2015. He claims that rival factions attempted to sabotage his role in that period, specifically noting a conversation he had with Huobi founder Leon Li in 2025, where Li indicated he believed Xu had previously reported him to Chinese authorities.
In response, Xu took to the social media platform X to repudiate Zhao’s claims about Li. In his post, Xu stated, “I had no intention of revisiting these old issues involving CZ from when I was younger. But since I’ve been dragged into this again because of the book, let’s restate the facts.” He went on to mention the existence of public evidence related to contract falsification during Zhao’s time at OKCoin, further igniting the dispute.
Xu not only denied Zhao’s allegations but also labeled him a “habitual liar.” He recalled a 2015 corporate contention, alleging that Zhao had manipulated a commercial contract with early Bitcoin investor Roger Ver to include an unjust six-month termination clause. To bolster his claims, Xu referenced a notarized video from 2015 that he asserted demonstrated Zhao’s forgery, a charge that Zhao has continually denied, asserting that the evidence presented against him was tampered with.
The situation took a more personal turn when Xu publicly questioned Zhao’s marital status, demanding proof of his divorce. In a rapid response, Zhao declared on X that he was “officially divorced” and issued a remarkable financial challenge, offering to wager $1 billion USD (or any sum Xu preferred) on the validity of his marital status. He emphasized he would not share legal documents publicly, respecting the privacy of his ex-wife, but invited lawyers to privately verify the divorce agreement. Zhao also specified that he was giving Xu 24 hours to accept the wager, although he noted that the offer would remain open indefinitely.
Xu, however, declined the wager, citing concerns about compliance and regulatory obligations. As the Ultimate Beneficial Owner (UBO) of OKX, Xu contended that making a public $1 billion bet represented unprofessional conduct. He then shifted focus to demand greater financial transparency from Zhao, questioning whether Zhao’s equity in Binance had been legally separated in the divorce settlement. Zhao rebuffed this inquiry, asserting that the status of his Binance shares was irrelevant to Xu.
As both executives continue to exchange barbs, no further legal or administrative actions regarding the previous contract allegations or their ongoing public spats have been announced. The feud illustrates the tumultuous nature of competition and personal rivalry in the fast-evolving cryptocurrency industry.
