Onchain data and blockchain analysts show no immediate signs of a liquidity crisis at Binance, despite a surge of online criticism comparing the exchange to a potential “FTX 2.0.” CryptoQuant, a blockchain analytics firm, reported that Binance’s BTC holdings remain essentially unchanged from the end of 2025 — roughly 659,000 BTC versus about 657,000 BTC — and said there has been “no material reserve erosion during the current Bitcoin sell-off,” even as markets saw volatility and Bitcoin briefly dipped below $74,000.
At the same time, a cluster of X (formerly Twitter) accounts began posting identical messages such as “I decided to close my Binance account.” Accounts using similar usernames (for example, Wei BNB, Hao BNB and Wang BNB), matching wording and comparable avatars prompted a Cointelegraph review that flagged the activity as suspicious and possibly coordinated. Historical activity suggests several of those accounts had different operators before pivoting to crypto-related posts around August 2025.
Binance co-founder Changpeng Zhao responded on X, calling the coordinated posts an example of bad behavior while saying the platform welcomes constructive feedback. Hardware wallet maker Trezor amplified the posts and reiterated steps users can take to move funds from exchanges into cold storage.
A Binance spokesperson told Cointelegraph the spread of misinformation is increasingly problematic, noting how easily bad actors can create multiple social accounts to seed false narratives.
Not all criticism has been dismissed as inauthentic. Industry figures have raised substantive concerns: OKX founder Star Xu publicly blamed Binance for playing a notable role in the Oct. 10, 2025 mass liquidation event, criticizing risky marketing and high leverage tied to Binance’s USDe promotion. Xu framed his remarks as a call for greater responsibility, transparency and long-term trust in the industry rather than pure finger-pointing. Binance has denied causing the October flash crash and referenced a company post published Jan. 30 that addresses the episode.
Cointelegraph also reached out to frequent Binance critic “LeonidasNFT” but had not received a response by publication time. This article was produced under Cointelegraph’s editorial standards; readers are encouraged to verify information independently.