The CEO of Binance “bluffed” when questioning Coinbase and Grayscale and then had to delete the tweet

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2022-11-25 02:31:43

On the momentum of “punishing” the opponent, CZ Binance continues to voice doubts about the amount of Bitcoin reserves of Coinbase holding.

Amidst Coinbase’s stock hitting historic lows, Binance’s chief executive tweeted about the company’s stockpile of assets.

“Coinbase is holding 635,000 BTC of Grayscale. However, four months ago, Coinbase had less than 600,000 BTC.”

CZ’s deleted tweet about the suspicion of Bitcoin holdings Coinbase

Grayscale’s representatives immediately denied that the concerns were unwarranted. Coinbase CEO Brian Armstrong also responded shortly after:

“If you see FUD out there, remember that we are always transparent with the public in our financial data.”

Rebuttal tweet from Coinbase representative

The story behind it is hard to guess, but CZ deleted his tweet and stated with a correction:

“Brian Armstrong just confirmed to me that those numbers are wrong. Let’s work together to improve transparency in the industry.”

It is worth mentioning that Grayscale is owned by DCG – the parent company of Genesis, the company is deeply in crisis and in danger of default. The difficult situation may be related to Coinbase, thereby raising concerns about the amount of Bitcoin that the fund is holding and storing on Coinbase today.

A few days ago, Coinbase COIN stock hit an all-time low, just as the aftermath of the FTX crash continues to rock the crypto industry. The COIN ticker has dropped a record below $42, temporarily hitting a historic bottom at $40.61, and has lost more than 80% since the start of the year, swinging even harder than Bitcoin.

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