Changpeng Zhao denies Binance was responsible for last week's crypto crash

Binance founder Changpeng Zhao has refuted allegations that the exchange was responsible for last weekend's sharp downturn in the cryptocurrency market. In a post on X, he addressed rumors that Binance had sold a large amount of Bitcoin, clarifying that speculation about a $1 billion sale stemmed from user transactions. Zhao explained that the exchange's wallet balances fluctuate according to user deposit and withdrawal flows. Regarding the management of the Secure Asset Fund for Users (SAFU), he stated that a plan to convert the fund from stablecoins to Bitcoin will be executed over approximately 30 days through incremental purchases on centralized exchanges with sufficient liquidity. Zhao also dismissed claims from some community members that he had "ended the supercycle," remarking that if he possessed such influence, he could just as easily restart it.