Onchain analysts say blockchain data show no signs of a crisis at Binance, even as a wave of online criticism warns the exchange could become a new “FTX.”
Despite recent market volatility and Bitcoin briefly falling below $74,000 on Tuesday, blockchain analytics firm CryptoQuant reports Binance shows “no signs of stress.” CryptoQuant noted the exchange holds roughly 659,000 BTC, essentially flat from about 657,000 BTC at the end of 2025, and said there has been “no material reserve erosion during the current Bitcoin sell-off.”
A cluster of similarly named X (formerly Twitter) accounts began posting identical messages on Tuesday and Wednesday saying, “I decided to close my Binance account.” Accounts including Wei BNB, Hao BNB and Wang BNB used near-identical usernames, the same wording and similar avatar images, behavior that a Cointelegraph review found suspicious and possibly coordinated. Earlier activity suggests some accounts were run by different people before switching to crypto-related posts around August 2025.
Binance co-founder Changpeng Zhao responded on X, calling the posts an example of bad behavior while noting the platform welcomes constructive feedback. Hardware wallet maker Trezor shared the posts and highlighted steps to move funds from exchanges to cold storage.
A Binance spokesperson told Cointelegraph the rise of misinformation is a growing problem and warned about how easily bad actors can create multiple social accounts to spread false narratives.
Not all criticism appears inauthentic. Some genuine industry figures have publicly criticized Binance. OKX founder Star Xu has argued Binance played a significant role in the Oct. 10, 2025 mass liquidation event, blaming risky marketing and excessive leverage—especially tied to Binance’s USDe promotion. Xu framed his comments as a call for greater responsibility, transparency and long-term trust in crypto rather than an attempt to assign blame.
Binance has denied causing the October flash crash, pointing readers to a company post published Jan. 30. Cointelegraph reached out to frequent Binance critic “LeonidasNFT” but had not received a response by publication time.
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