Old Wounds Reopened: CZ’s Memoir Ignites Fresh War of Words With OKX Founder Star Xu
The release of Changpeng Zhao’s memoir has rekindled a decade-old feud with OKX founder Star Xu, as both parties trade accusations over historical contract disputes and exchange management practices.
A Tale of Two Exchanges
The digital asset landscape has long been defined by the intense rivalry between its most prominent architects. However, a new chapter in this ongoing saga has emerged from an unlikely source: the official memoir of Changpeng “CZ” Zhao, the former CEO of Binance. The publication has reignited a dormant, high-stakes dispute between Zhao and Star Xu, the founder of OKX (formerly OKCoin), dragging a decade-old corporate conflict back into the spotlight of the global crypto community.
At the core of the friction is Zhao’s account of his tenure at OKCoin, where he served as Chief Technology Officer in 2014. Zhao’s book revisits the contentious circumstances surrounding his departure, specifically focusing on a contract dispute that has lingered in the background of the industry for years. The memoir characterizes the exit as a byproduct of fundamental disagreements, but the narrative has drawn a swift and aggressive rebuke from Xu.
The Dispute Re-Litigated
Star Xu did not mince words in his response to the memoir’s claims. Taking to public channels, Xu labeled Zhao a “liar,” categorically rejecting the version of events presented in the text. The dispute centers on several legacy issues, including the specific contractual obligations Zhao was under during his time at OKCoin and the circumstances of his resignation.
Beyond the personal history, the memoir touches upon more systemic industry events that have historically plagued the OKX ecosystem, including the widely documented 2020 withdrawal freeze that sent shockwaves through the exchange’s user base. Zhao’s inclusion of these events—and his alleged implications regarding the leadership of Xu and former OKCoin executive Leon Li—has prompted the OKX founder to dig into his own archives.
In a move to discredit Zhao’s account, Xu has revived a 2015 rebuttal that OKCoin originally published during their initial falling out. To substantiate his claims, Xu has pointed to a notarized video of a chat session, which he asserts provides definitive proof that the narrative being peddled in the memoir is factually inaccurate. By re-releasing these documents, Xu is effectively attempting to frame the memoir not as historical record, but as a calculated attempt to rewrite industry history.
Why This Matters for the Market
For investors and traders, this public spat is more than just a clash of egos between two industry titans. It serves as a reminder of the historical volatility and lack of institutional maturity that characterized the early days of crypto exchanges. When founders of major legacy exchanges engage in public mudslinging, it forces market participants to reconsider the stability and transparency of the platforms they rely upon.
The 2020 withdrawal freeze at OKEx remains a sensitive point for long-term users, and by bringing it back into the conversation, Zhao has inadvertently reminded the market of the risks associated with centralized exchanges. For traders, this highlights the ongoing importance of counterparty risk assessment, regardless of how large or established an exchange may appear to be.
Looking Ahead: The Battle for Narrative
As the industry continues to push for regulatory legitimacy and institutional adoption, the “war of the memoirs” creates a distraction that neither Binance nor OKX likely welcomes. While the technical infrastructure of these exchanges has evolved significantly since 2015, the underlying animosity between their leadership remains a constant variable.
Market observers should watch for how these accusations impact the respective brand reputations of both platforms. While the dispute is primarily retrospective, it underscores the fragility of the relationships between top-tier exchange operators. Investors should remain focused on the current operational transparency and security protocols of these platforms, rather than the historical grievances of their founders, as the industry moves toward a more digitized and regulated future.