TL;DR
- CZ responded to James Wynn’s claims about Binance’s proof of reserves and clarified that the report is released after routine verification.
- The June report confirmed full 1:1 backing of all user funds and revealed that Binance increased its own Bitcoin reserves to 606,080 BTC.
- Wynn, known for multimillion-dollar losses and public controversies, was exposed once again after making unfounded accusations that were quickly disproven.
CZ stepped in to defend Binance after the company faced accusations and doubts over its financial transparency.
Trader James Wynn posted on social media claiming the company hadn’t released its monthly proof-of-reserves report, triggering a wave of speculation about the safety of user funds in custody.
However, Binance’s response came swiftly. Changpeng Zhao (CZ) publicly clarified that the company takes a snapshot of its reserves on the 1st of each month and releases the report a few days later, once verification procedures are completed. He explained that this has been the standard process for several months without changes.
CZ Exposes Wynn, Who Deletes His Posts
Wynn’s accusation, which he deleted shortly after posting, caused a stir on social media but didn’t disrupt Binance’s operational routine. In fact, CZ was right, and the June report is now publicly available, confirming that all user assets remain fully backed on a 1:1 basis.
The report also revealed substantial growth in Binance’s Bitcoin reserves. The company’s own BTC balance rose from 2,746 BTC in February to 606,080 BTC in June, solidifying its position. Meanwhile, Ethereum and Solana balances remained steady at relatively low levels.
Wynn, known for risky trades and publicized losses on the Hyperliquid exchange, was exposed yet again by this episode. His track record includes a $100 million loss on a single trade, public requests for donations to continue trading, and promoting an Andrew Tate-linked token that has fallen 97% from its peak. The crypto community quickly pointed out these precedents after his post about Binance.
Although he stepped down as CEO, CZ remains highly active in Binance’s public affairs and in the industry. He regularly participates in interviews, defends the company’s reputation, and comments on the firm’s strategic moves
