Follow-Up: Musk Debunks Viral Fake Post — He Never Urged Binance Users to Move Funds, and CZ Flagged It First
On Saturday morning, November 7, a post spreading rapidly on X claimed that Tesla CEO Elon Musk had criticized cryptocurrency exchange Binance for holding roughly 80 percent of the market, blamed that dominance for holding the industry back, and urged users to move their funds off Binance to rival exchanges. The post cited no original statement from Musk, yet it spread quickly while Binance was still dealing with the fallout from a reported theft of about $6.3 billion.
According to BeInCrypto and CryptoRank, Binance founder Changpeng Zhao, known as CZ, replied within about an hour to flag the claim as false, telling the account not to spread false information. His reply included an answer from Grok, the chatbot built into X: Grok had searched Musk's account, found no matching post, and called the story fabricated.
Musk then settled the matter in the same thread, writing: "Yeah, I never wrote anything like that. This is made up."
Both responses addressed only the authenticity of the attributed remarks. Neither Musk nor Zhao confirmed the alleged 80 percent market-share figure, and neither offered an assessment of Binance's actual market share.
It was not the first time the two men had clashed publicly on X in recent weeks. After the Binance theft in late October, Musk trolled the incident online and Zhao publicly asked him to stop, citing an investment tied to SpaceX shares. This time, faced with the same fake post, the two ended up on the same side. GSM has previously reported the Binance theft and the pair's earlier exchange; this is the latest development in that story.
Source: Posts by Elon Musk and Changpeng Zhao on X
Published by GSM · USA (original Chinese edition)
Photo: 图：币安创始人赵长鹏2022年11月在葡萄牙里斯本Web Summit峰会上发言。（图：Piaras Ó Mídheach／Web Summit via Sportsfile／Wikimedia Commons，CC BY 2.0）/ Binance founder Changpeng Zhao speaking at Web Summit in Lisbon, Portugal, in November 2022. (Photo: Piaras Ó Mídheach / Web Summit via Sportsfile / Wikimedia Commons, CC BY 2.0)
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- 2026-11-07Follow-Up: Musk Debunks Viral Fake Post — He Never Urged Binance Users to Move Funds, and CZ Flagged It FirstThis story
