Crypto Rivalry Reignited As Memoir Triggers Fresh Clash Between Exchange Founders
A long-running rift between some of crypto’s most influential exchange founders has resurfaced after claims published in a new memoir pulled past disputes back into the spotlight.
Accusations involving contract disagreements, early Bitcoin deals and even alleged reports to authorities have reignited a very public exchange between OKX founder Star Xu and Binance co-founder Changpeng Zhao.
The dispute, unfolding on X, has quickly moved beyond historical disagreements into personal accusations, revisiting events dating back more than a decade in the early days of Asia’s crypto exchange growth.
Did CZ’s Memoir Reopen Old Wounds Between Crypto Executives
The latest tension was triggered by Zhao’s memoir ‘Freedom of Money’, where he revisits his time at OKCoin and earlier disputes with industry figures.
In response, Xu rejected multiple claims, accusing Zhao of misrepresenting events and reviving settled controversies. He called Zhao “a habitual liar” and pushed back on the narrative presented in the book.
Zhao’s account frames early rival exchanges as coordinating efforts to slow Binance’s rise, including claims of funding pressure during its 2017 launch period.
Xu, however, has disputed these interpretations and pointed to previously released materials from OKCoin to challenge the version of events described.
A spokesperson for Zhao said the memoir reflects his personal perspective and “is not intended to be an investigative book on legacy disputes.”
Was Leon Li’s Detention Linked To Internal Reporting Claims
One of the most sensitive claims involves Leon Li, founder of Huobi (now HTX), and whether internal reporting contributed to his reported detention in November 2020.
Zhao’s memoir cites a claim that Li believed Xu had reported him to authorities.
Xu strongly denied this, calling the allegation “purely absurd nonsense.”
He argued that exchanges routinely face reports from multiple sources and said regulatory action cannot be reduced to single complaints. Xu added,
“If reports alone determined legal outcomes, the entire industry could not function.”
Xu also directed personal criticism at Zhao, referencing his recent prison sentence and writing,
“To see [Zhao] still spouting absurd nonsense to the world after a four-month prison sentence, one can only say that a person accustomed to lying does not change their nature.”
Are Early OKCoin Allegations Still Reshaping Industry Narratives
Much of the renewed friction traces back to 2014–2015, when Zhao worked at OKCoin before later founding Binance.
Xu has revived claims involving contract disputes tied to early Bitcoin-related deals, including a controversial agreement linked to investor Roger Ver.
He cited archived communications and a notarised video released at the time, which allegedly showed discrepancies in contract versions.
The video, still publicly available, reportedly displayed an OKCoin accountant’s QQ account being accessed in front of a notary, alongside messages said to involve differing contract versions. Xu used this material to challenge Zhao’s account of the events.
Zhao, meanwhile, has denied wrongdoing and previously suggested alternative explanations for the chat records, including possible account access issues by other employees.
Did Personal Finance And Family Claims Enter The Dispute
The disagreement has also expanded into personal territory beyond corporate history.
Xu questioned Zhao’s widely shared claim that he sold an apartment for around $900,000 to buy Bitcoin at roughly $400.
He raised questions about property ownership, asking where the initial down payment came from and suggesting the house may have belonged to Zhao’s in-laws.
He also criticised how the story has been repeatedly told in public, arguing that it omits important context about family involvement during that period.
Xu further referenced Zhao’s personal life, questioning inconsistencies in public statements about marital status and asking whether a divorce had formally taken place, including whether assets had been legally divided.
Why Crypto Exchange Rivalries Keep Returning To Public View
The confrontation highlights how long-standing competition between major exchanges continues to shape narratives across the industry.
Binance, OKX and Huobi (now HTX) remain central players in global crypto trading, each having grown from early market entrants into large-scale platforms operating under increasing regulatory scrutiny.
The dispute between Xu and Zhao reflects not only historical disagreements but also the reputational stakes tied to leadership credibility in an industry still building trust with regulators and institutional participants.
While neither side has stepped back from their positions, the latest exchange shows how earlier business decisions and personal narratives continue to shape perceptions of crypto’s founding generation.
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