The "verbal battle" between Changpeng Zhao (CZ) and Star Xu (CEO of OKX) is essentially the culmination of conflicts that have been simmering for over 10 years, since CZ's time working at OKCoin (the predecessor of OKX).
Things became tense in early April 2026, right when CZ released his memoir titled "Freedom of Money." Below is a detailed account of the events and reasons behind this confrontation:
The source of the information stems from the memoir.
In the book, CZ recounts unpleasant memories from his time as CTO at OKCoin in 2014-2015. He accuses Star Xu of deliberately altering share agreements and creating difficulties when he left. Specifically, CZ alludes to the 2020 legal incidents in China, suggesting that Star Xu may have been the one who "reported" Huobi founder Leon Li to the authorities, leading to his arrest.
The back-and-forth "accusations" on X
Star Xu reacted extremely harshly on social media platform X, calling CZ a "chronic liar" and asserting that CZ's character had not changed despite spending four months in prison in the US.
Allegations of forgery: Star Xu revives the 2015 scandal, accusing CZ of forging the signature of Roger Ver (a well-known Bitcoin investor) on business contracts.
Ethical issues: Star Xu criticized CZ for market manipulation and even for being a "tainted witness" against Justin Sun.
Personal attacks: Star Xu even questioned the private information in CZ's book, including his current marital status.
CZ's $1 billion bet
The controversy reached its peak when Star Xu challenged CZ to provide legal proof of his divorce (as CZ claimed in his book that he had been divorced for a long time). Star Xu argued that if CZ couldn't prove it, then the entire memoir was nothing but lies.
In response, CZ made a shocking offer:
CZ is willing to bet $1 billion (or whatever number Star Xu chooses) to prove that he was actually legally divorced before today.
Out of respect for his ex-wife's privacy, CZ did not publicly post the documents online but instead hired an intermediary lawyer to verify them.
CZ wants to use the $1 billion figure to "silence" his opponent and assert that what he wrote in his memoir is true. He gave Star Xu 24 hours to accept, otherwise, Star Xu's silence would be considered an admission that Star Xu is the one spreading fake news.
After CZ launched a $1 billion "bet" to prove the truth about the divorce, the confrontation between the two exchange "tycoons" shifted from personal attacks to a battle of wits about professionalism and legal responsibility.
Things unfolded in a rather tense but also very cautious manner:
Star Xu: Avoiding betting and focusing on the issue of assets.
Star Xu immediately refused to participate in the bet. Instead of talking about money, he used his position as CEO of OKX to criticize CZ's actions as "unprofessional." Star Xu argued that it was unacceptable for a true owner (UBO) of a large company like Binance to publicly bet $1 billion, a practice unsuitable from the perspective of regulators.
Star Xu even "reminded" CZ that gambling is illegal for citizens of the UAE (where CZ lives). Instead of discussing his marital status, Star Xu focused on the financial aspect: Had CZ transparently Chia his Binance shares with his ex-wife like Bill Gates or Jeff Bezos? For Star Xu, this wasn't about personal life, but about business ethics and honesty with the public.
CZ: Demands an apology and a declaration to end the controversy.
CZ, on the other hand, showed impatience. He refused to back down and reiterated that Star Xu could choose any number to bet on, big or small, to prove who was lying.
CZ accused Star Xu of deliberately steering the conversation towards Binance's stock holdings (which is a trade secret) to avoid admitting to spreading false information about CZ's private life. He concluded with a rather condescending attitude, demanding that Star Xu "act like a man," apologize, and declare he would revert to "ignore mode" because he didn't want to waste any more time on these controversies.
Star Xu: The final counterattack on "Integrity"
Not letting CZ end the story easily, Star Xu responded with a more "philosophical" message. He asserted that he didn't care about CZ's private life, but because CZ had mentioned him in books and interviews with many inaccurate details, he felt entitled to speak out.
The key point Star Xu emphasizes is that divorcing after 20 years of marriage without a clear Chia of assets (especially company shares) raises serious questions about credibility. He concludes that if a person doesn't fulfill that basic moral responsibility, then what they write in their books is difficult to trust.
Currently, the crypto community is watching very closely because this is not just a personal conflict, but also a brand war between two of the world's leading exchanges, Binance and OKX. This battle exposes many hidden aspects of fierce competition and deep-seated animosities in the early days of the cryptocurrency industry.
