Former Binance CEO Changpeng Zhao (CZ) has denied reports alleging he sold a massive quantity of ASTER tokens.
The rumors originated from a Riyadh-based crypto advocate known as Farzad, who claimed Zhao had liquidated 35 million ASTER tokens worth approximately $30.42 million.
The post rapidly circulated on X and other crypto forums, igniting speculation among traders. Given Zhao’s reputation and market influence, the allegation drew immediate attention.
CZ Calls the Reports False
Zhao was quick to dismiss the claims, taking to X to describe the reports as “Fake News.” He advised his 10.4 million followers to “unfollow the guys posting fake news.”
His direct response aimed to calm market participants and counter misinformation surrounding his alleged transactions.
4. Fake news!
Unfollow the guys posting fake news. pic.twitter.com/Os8dF0dSjh
— CZ 🔶 BNB (@cz_binance) October 31, 2025
Blockchain Analysis Confirms No Sale Took Place
Blockchain investigator EmberCN later validated Zhao’s denial through a detailed on-chain review. The analyst found no evidence of ASTER token sales linked to Zhao’s accounts.
EmberCN explained that the supposed transactions were routine transfers between Binance hot wallets, not personal trades by Zhao. One wallet address, 0x889, had been incorrectly identified as Zhao’s, which led to the misunderstanding.
In a public post on X, EmberCN clarified that “there are no corresponding on-chain transfers” matching the alleged sale and confirmed the movements were internal Binance transactions.
ASTER Faces Market Pressure Despite Clarification
Although the rumor was refuted quickly, the ASTER token continued to face downward pressure. As of press time, ASTER traded at $0.9379, down 8.81% in the past 24 hours, according to CoinMarketCap.
Notably, ASTER, the native token of decentralized exchange Aster, has drawn significant attention since its launch on September 17, 2025. It debuted at a token generation event (TGE) price of $0.02.
Following Zhao’s public endorsement, the token’s value surged over 10,000%, reaching an all-time high of $2.42 on September 24, 2025. However, the token has since declined 61.31% from that peak.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
