One of the most talked-about topics on X (formerly Twitter) today was the serious allegations made against Binance founder Changpeng Zhao (CZ).
An anonymous analyst using the pseudonym “Strong” on X, in a long thread of messages, accused CZ and Binance of years of manipulation, market steering, and self-serving practices in the cryptocurrency market.
Strong argued that IEOs (Initial Exchange Offerings) on Binance were supported using a “pump and dump” method during the 2017–2019 period, and that the market was deliberately driven into sharp declines during the 2021–2022 period. According to the analyst, Binance demanded token supply from projects in exchange for listing and then sold these assets on the market, thereby creating pressure on prices. Furthermore, it was claimed that the exchange adopted an aggressive stance aimed at eliminating healthy competition in the sector.
The statement argued that CZ had previously conducted such activities relatively secretly from the public, but that his behavior had become more “open and brazen” in the last six months. Strong cited a change in his relationship with the US administration as one of the reasons for this. It was noted that CZ had previously been convicted of money laundering in the US and received a short prison sentence, and it was suggested that the pressure of oversight had decreased with the change in the political climate.
The analyst also claimed that the “crypto-friendly” rhetoric voiced during Donald Trump’s presidential campaign did not translate into practice, and that some big names were able to move more freely in the market during this period. It was argued that the sharp price movements, especially during periods of low liquidity, were planned.
One of the most striking points in Strong’s claims concerns the decentralized cryptocurrency exchange Aster DEX and its token ASTER, which was launched in the fall of 2025. The analyst claims that CZ heavily promoted this project, that the price peaked with the Binance spot listing, and then experienced a sharp decline. The claims also include allegations that Binance and related wallets engaged in heavy selling of ASTER during this period.
Strong argued that ASTER has lost over 80% of its value from its peak, experiencing a sharp decline independent of general market conditions, and that the crypto market has taken on a weak outlook since October 10th. On October 10th, Strong described it as “the biggest liquidation event in crypto history.” The analyst claimed that large-scale short positions were opened on some platforms hours before this sharp drop, suggesting it was a planned move. The claims that CZ was pardoned by Trump during the same period were also described as “noteworthy in terms of timing” in the post.
CZ had also tweeted “Now, it’s ‘I wish i bought early season” a few days before the October 10 crash.
Strong claimed that CZ promoted ASTER buybacks to mitigate the situation, but simultaneously, sales continued through secondary wallets. It was also alleged that a large portion of the Aster DEX team consisted of former Binance employees, that the person presented as the project’s CEO was almost never seen in public, giving the impression of a “showcase” structure. Furthermore, it was claimed that a significant portion of ASTER’s supply was concentrated in Binance-linked structures and released to the market through airdrop seasons.
According to the analyst, CZ’s statement that he “bought $2 million worth of ASTER with his own money” temporarily relieved the market, the price quickly rebounded but resumed a sharp downtrend. Strong argued that ASTER has lost approximately 80% of its value since its peak, performing much worse than the overall market, and that the cryptocurrency market entered a “distribution phase” after October 10th.
According to Strong, CZ conducted these activities secretly from the public for many years, projecting a “harmless, friendly” image to the outside world. The primary reason for this, he argues, was his apprehension about the US administration. The analyst claims that the US viewed FTX as a tool to control crypto during the 2021 bull market, but the Sam Bankman-Fried scandal disrupted this plan. Following this, the US administration turned its attention to CZ, who was convicted of money laundering and received a short prison sentence.
Analyst suggested that the major market crashes experienced during 2021–2022 were not coincidental. Strong claims that the market was deliberately suppressed during this period and that the process was part of a power struggle aimed at sidelining FTX founder Sam Bankman-Fried (SBF).
Strong cited as evidence for his claims the erroneous drop in the USDe token price on Binance during the October crash, which triggered a liquidation wave. He also included numerous bullish tweets about Aster from Binance founder CZ.
*This is not investment advice.
