On the night of April 5th, under the night view of Hong Kong's Victoria Harbour, a Web3 summit called 'BUIDL 2025' was in full swing. Amidst the clinking of glasses, a shocking photo that stunned the crypto community went viral in friend circles:
🔥 Huobi founder Li Lin, Binance founder CZ, and TRON founder Justin Sun posed together, raising their glasses in celebration, all smiles, as if brothers reunited.
Even more jaw-dropping was another photo—an intimate shot of Justin Sun and Li Lin drinking from the same cup!
Wait a minute… weren’t these two just tearing each other apart online two months ago over Huobi's '$30 million financial hole'? Why are they so close now?
In fact, this pair of 'old foes' in the crypto world have a complicated, intertwined history that is hard to unravel.
📍 The starting point is 2022: Li Lin sold Huobi to Baidu Capital, which is behind Justin Sun.
📍 In 2023: Justin Sun accused Li Lin's brother, Li Wei, of 'shearing sheep', to which Li Lin directly countered: 'If you have evidence, I’ll compensate tenfold, otherwise please return the user assets!'
📍 February 2025: Justin Sun suddenly publicly called out Li Lin, claiming that Huobi had a $30 million undisclosed loophole that Li Lin must personally cover. Li Lin responded: 'It's not a loophole, it's a liquidation, and it's been dealt with long ago.'
As a result, at the summit in April, these two raised their glasses, laughed, and embraced... what exactly happened in the crypto world?
🧐 Some say it's all just a show, after all, the crypto world needs unity; others speculate that they have reconciled privately.
The other main character—CZ—has a relationship with Justin Sun that resembles a soap opera.
From the success of Justin Sun's BitTorrent project at Binance's IEO in 2018, to Sun using hundreds of millions in TUSD to participate in Binance events, raising 'whale' suspicions; then to 2023, when Sun exposed that the fund behind TUSD was suspected of embezzlement, indirectly sparking speculation about Binance's stablecoin strategy.
They are both partners and rivals on the stablecoin battlefield.
Interestingly, during every industry storm, Justin Sun has almost always stood by CZ's side in support, especially during the critical moments when CZ was sued by the SEC and had to resign.
The crypto world is truly magical—today you might be shouting and fighting on stage, and tomorrow you could be raising your glass in joy. Is it a game? Is it a play? Or is it a real-life version of 'Game of Thrones'?
In this industry, there are no permanent enemies, only eternal interests.#BTC☀ #BTC走势分析