{"id":22010,"date":"2026-02-13T10:57:19","date_gmt":"2026-02-13T10:57:19","guid":{"rendered":"https:\/\/bitunikey.com\/news\/binances-cz-rejects-fake-news-claim-of-60000-btc-bitmex-hedge-profits\/"},"modified":"2026-02-13T10:57:27","modified_gmt":"2026-02-13T10:57:27","slug":"binances-cz-rejects-fake-news-claim-of-60000-btc-bitmex-hedge-profits","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/binances-cz-rejects-fake-news-claim-of-60000-btc-bitmex-hedge-profits\/","title":{"rendered":"Binance\u2019s CZ rejects \u201cfake news\u201d claim of 60,000 BTC BitMEX hedge profits"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">CZ denies Binance ever traded on BitMEX or booked 60,000 BTC in hedge profits during the March 2020 crash, calling the viral allegation \u201cfake news\u201d and technically impossible.<\/p>\n<div id=\"cn-block-summary-block_a32970895458a284a8fbbc63ac70a54c\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>CZ responds to a viral post alleging Binance hedged client flow on BitMEX for over 60,000 BTC in profit during the March 2020 \u201cCovid crash,\u201d dismissing it as fabricated \u201cfake news\u201d.<a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/en.cryptonomist.ch\/2026\/02\/13\/binance-rumors-bitmex-covid\/\" target=\"_blank\" rel=\"nofollow\"><\/a><\/li>\n<li>He stresses that Binance \u201cnever traded on BitMex\u201d and points to the exchange\u2019s once\u2011daily withdrawal schedule at the time as a practical barrier to real\u2011time hedging of that size.<a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.cryptopolitan.com\/binances-cz-rumors-bitmex-covid-crash\/\" target=\"_blank\" rel=\"nofollow\"><\/a><\/li>\n<li>Commentators and BitMEX itself say there are no records of such flows, framing the debate as another example of rumor\u2011driven FUD and how old anecdotes morph into conspiracy narratives.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>Binance founder Changpeng \u201cCZ\u201d Zhao has moved to quash fresh allegations that the exchange secretly booked more than 60,000 BTC in profits by hedging client risk on BitMEX during the March 2020 crash, dismissing the claim as \u201cfake news\u201d and emblematic of the rumor\u2011driven warfare that still defines much of crypto trading culture.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">4. Fake news. They just making things up randomly now. Not sure what their goal is. I feel bad for the people believing this without seeing any proof. \ud83d\ude02<\/p>\n<p>Binance never traded on BitMex. <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoHayes?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">@CryptoHayes<\/a> (a friend) would know. BitMex processes withdrawals only once a day (as far as I\u2026 <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/qFBiyE1Lji\">pic.twitter.com\/qFBiyE1Lji<\/a><\/p>\n<p>\u2014 CZ \ud83d\udd36 BNB (@cz_binance) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/2022175247194116488?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 13, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<h2 class=\"wp-block-heading\" id=\"cz-pushes-back-on-bitmex-hedge-narrative\">CZ pushes back on BitMEX hedge narrative<\/h2>\n<p>Responding to a viral post from Flood, CEO of fullstack_trade on Hyperliquid, CZ said the allegation that <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/en.cryptonomist.ch\/2026\/02\/13\/binance-rumors-bitmex-covid\/\" target=\"_blank\" rel=\"nofollow\">Binance hedged <\/a>flow on BitMEX for over 60,000 BTC in profit during the Covid\u2011era liquidation cascade was entirely fabricated. \u201c4. Fake news. They just making things up randomly now. Not sure what their goal is. I feel bad for the people believing this without seeing any proof,\u201d he wrote, adding bluntly that \u201cBinance never traded on BitMex.\u201d Zhao tagged BitMEX co\u2011founder Arthur Hayes to underline a key operational constraint at the time, noting that \u201cBitMex processes withdrawals only once a day,\u201d a structure that would have made real\u2011time risk\u2011hedging of that magnitude effectively impossible.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\" id=\"bitmex-and-traders-call-claim-impossible\">BitMEX and traders call claim \u201cimpossible\u201d<\/h2>\n<p>Market participants quickly weighed in to deconstruct the 60,000 BTC storyline. \u201cExactly. BitMEX\u2019s once-a-day withdrawal window back in 2020 made it impossible for an exchange to use it for a real-time hedge of that size,\u201d commentator Murtuza J. Merchant argued, stressing that \u201cno entity would trap 60,000 BTC in a manual multi-sig during a black swan crash.\u201d He suggested the \u201c60k figure is likely just a garbled memory of old\u201d market anecdotes rather than a verifiable trade record. BitMEX itself has since confirmed that it has no records supporting the alleged flows and pointed to its upgrade from once\u2011daily batched withdrawals to real\u2011time payouts as part of broader infrastructure changes since 2020.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\" id=\"fud-binances-legacy-and-market-context\">FUD, Binance\u2019s legacy, and market context<\/h2>\n<p>Not everyone accepted the \u201cfake news\u201d framing. One critic, posting under the handle Broly, countered that \u201cBinance has had a major role in every major downfall of crypto,\u201d citing the exchange\u2019s role in the FTX collapse, its backing of LUNA before withdrawals were halted, and its influence around other major dislocations. The episode has been widely mocked as yet another round of competitive FUD, but it also underscores how opaque cross\u2011exchange flows, historical grievances, and incomplete memories can quickly harden into conspiracy narratives in a market that still trades on screenshots and hearsay as often as audited disclosures.<\/p>\n<h2 class=\"wp-block-heading\" id=\"market-prices-and-further-reading\">Market prices and further reading<\/h2>\n<p>This parabolic move comes as digital assets continue to trade as the purest expression of macro risk appetite. Bitcoin (BTC) is hovering around $68,280, with a recent 24\u2011hour range between roughly $64,760 and $71,450. Ethereum (ETH) is trading near the low\u2011$2,000 band, with prediction markets clustering key levels between about $1,940 and $2,100 over the near term. Solana (SOL) changes hands around $78\u201381, roughly flat on the session after a modest pullback from recent highs.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CZ denies Binance ever traded on BitMEX or booked 60,000 BTC in hedge profits during the March 2020 crash, calling the viral allegation \u201cfake news\u201d and technically impossible. Summary CZ&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=22010"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22010\/revisions"}],"predecessor-version":[{"id":22011,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22010\/revisions\/22011"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/1993"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=22010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=22010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=22010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}