The release of former Binance CEO Changpeng "CZ" Zhao's memoir, Freedom of Money, has reignited long-standing industry feuds and cast a new light on the personal and professional conflicts that have shaped the crypto landscape. The 457-page book, written during CZ's incarceration in a U.S. prison using 15-minute, $0.05-per-message terminal sessions, was released globally on April 8, 2026.
In the memoir and in related podcast appearances, CZ describes Bitcoin as the moment he "truly understood the nature of money," framing blockchain technology as a "gradual infrastructure upgrade" of major significance. He has pledged to donate all royalties from the book to nonprofit organizations, retaining none of the proceeds for himself.
The book serves as a sharp character study of industry rivals. CZ labels FTX founder Sam Bankman-Fried as "a refined egoist," alleging that SBF's business strategy was not based on product competition but on "weakening competitors through skilled political lobbying and regulatory manipulation." CZ recounts briefly considering a bailout of FTX in 2022 but walking away when SBF's team "could not even provide a complete balance sheet within 24 hours."
The memoir also makes a explosive allegation against OKX founder Star Xu. CZ writes that Huobi founder Li Lin told him over a 2025 dinner that he had seen a screenshot showing Xu personally reporting Li to Chinese authorities, an act allegedly leading to Li's arrest.
This claim prompted an immediate and fierce public rebuttal from Star Xu on Binance's social platform. Xu called the allegation "completely false information," stating that "any large‑scale platform and founder faces numerous reports and complaints every year" and that "if reports alone could determine outcomes, this industry would have ceased to exist long ago."
The dispute quickly escalated beyond the book's contents. Xu questioned CZ's marital status, referencing earlier reporting that described CZ's spouse as his "wife" in a court document. Xu challenged CZ to produce a divorce agreement signed by both parties. CZ responded that he is "officially divorced" and challenged Xu to a $1 billion bet on the accuracy of his divorce documents, offering to have lawyers verify the agreement while declining to publish it publicly. Xu rejected the wager on compliance grounds and instead pressed CZ on whether his Binance equity stake had been legally separated in the divorce, a line of questioning CZ dismissed as "none of your business."
Xu also revisited a contract dispute from CZ's brief tenure at OKCoin (founded by Xu) in 2015, accusing CZ of "harmful acts of conduct" and misleading statements related to a deal with Roger Ver. Xu posted what he said was evidence of conflicting contract versions, calling CZ a "habitual liar" who "never changes their nature."
