Changpeng Zhao Explains Why Vitalik Buterin Is Quiet on Social Media

TLDR

• Changpeng Zhao explains that Vitalik Buterin reduced his social media activity due to constant harassment over Ethereum’s price fluctuations.
• CZ argues that Buterin’s quieter presence on social media has negatively impacted the Ethereum community and the broader crypto ecosystem.
• Binance announced it will convert its $1 billion SAFU fund from stablecoins into Bitcoin to help stabilize the market.
• Richard Teng emphasized that Binance will replenish the SAFU fund if its value falls below $1 billion due to market volatility.
• Justin Sun of Tron stated that his platform will follow Binance’s example and increase its Bitcoin holdings in its reserve.

Changpeng “CZ” Zhao, the founder of Binance, recently aimed at cryptocurrency investors who often target industry leaders over market prices. In a recent post on X, he claimed that Ethereum co-founder Vitalik Buterin reduced his social media activity because of constant harassment related to Ethereum’s price fluctuations. CZ argued that this has hurt the Ethereum community, as Buterin’s quiet presence has been detrimental to the crypto ecosystem.

CZ stated that many users had complained about Buterin’s presence on social media, especially when the price of Ethereum dropped. According to CZ, Buterin has since become quieter, a shift that he believes harms both Ethereum and the wider crypto community. He pointed out that the complainers, regardless of whether they hold ETH, are the ones most affected by this silence.

Changpeng Zhao Comments on the Impact of Online Criticism

In his post, CZ linked Buterin‘s reduced activity to the constant scrutiny faced by major crypto figures. He emphasized how such criticism affects the mental well-being and public presence of leaders in the space. CZ stressed that, over time, these attacks lead to a chilling effect, pushing industry figures to disengage from social platforms, which in turn weakens the entire community.

He also highlighted that this issue is not unique to Buterin. CZ noted that he himself had faced similar online criticism for years, especially regarding the performance of Binance and the crypto market. He predicted that such attacks would continue, regardless of any specific cryptocurrency’s price movements, drawing parallels to the challenges Buterin faced in managing public perception.

Binance Makes Major Announcement on SAFU Fund

As part of his ongoing efforts to reassure the market, CZ announced that Binance would convert its entire $1 billion Secure Asset Fund for Users (SAFU) from stablecoins into Bitcoin. This decision comes as part of Binance’s broader strategy to help stabilize the market, which has been experiencing significant volatility. CZ explained that this move would support the market as it navigates Bitcoin’s recent price drop below $82,000.

Binance’s CEO Richard Teng also commented on this decision, echoing the company’s commitment to maintaining a robust asset reserve. He mentioned that should the value of the SAFU fund fall below $1 billion due to market fluctuations, Binance would replenish it to ensure users are protected. Teng’s tweet added further weight to Binance’s dedication to upholding high standards of service, especially in turbulent market conditions.

Following Binance’s announcement, Justin Sun, founder of Tron, also revealed plans to increase Bitcoin holdings in the Tron reserve. In a tweet, Sun stated that Tron would follow Binance’s lead and add Bitcoin to its own reserves. This move highlights the growing trend among major cryptocurrency platforms to hold Bitcoin as a means of bolstering their financial stability in light of ongoing market uncertainty.

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