In the cryptocurrency realm, there is a silent tradition: when the storm comes, no one expects anyone to step in and help. However, there will be those who choose to pay a certain price to save themselves in the eye of the storm. The stories of CZ (Zhao Changpeng), SBF, Sun Yuchen, and Xu Mingxing make everyone start to think — "At the moment of liquidation, who chose to protect themselves, and who became the cost?"

Once upon a time, these four stood at the forefront of digital finance. One created the Binance empire, one was hailed as the golden boy by Wall Street, one was a pioneer of Chinese exchanges, and the last stirred up the winds and waves on the blockchain, wild and untamed.

At first, there was cooperation, investment, and mutual admiration between them.

In 2019, CZ invested in SBF's FTX, viewing it as a rising star. But just three years later, SBF began lobbying regulators in Washington, pushing for policies unfavorable to Binance. After seeing through this, CZ suddenly 'liquidated FTT' in November 2022, directly triggering the collapse of FTX's financial chain. SBF collapsed and was imprisoned.

This was the first time the cryptocurrency world witnessed how a 'decentralized palace intrigue' ended with capital manipulation and regulatory games.

Another story is even older. Xu Mingxing, the founder of OKEx, was once 'an old colleague' of CZ during the OKCoin era. The two had differing philosophies and conflicting paths—one insisted on going global while the other was trapped in the whirlpool of Chinese policies. Xu was once taken by the police for investigation, while CZ completely detached from the domestic soil and moved towards a global narrative. Years later, Binance became the largest exchange in the world, while OKX frequently transformed in compliance anxiety.

But perhaps the most painful nerve in the industry is Sun Yuchen.

He and CZ stood side by side on multiple occasions: project interlinking, liquidity cooperation, and public support. Now, there are reports that as part of a plea agreement, CZ may have provided evidence related to Sun to the U.S. Department of Justice. Ironically, back then they shared dividends on the blockchain, but now they sit silently across from each other in an interrogation room separated by a lamp.

CZ is not the first person to betray a companion for forgiveness, nor will he be the last. But he is called a 'whistleblower' because what he betrayed was not just a peer, but a tacit understanding of fighting against regulatory oppression together.

The cryptocurrency world was once a utopia for rebels, but now it resembles a trading venue: freedom, order, and faith can all be replaced by 'negotiation.'

Who is the winner? Who deserves forgiveness? Perhaps there are no answers.

But after this storm, what remains is not justice, but a series of indelible records on the blockchain.

#CZ #孙宇晨WLFI #OKX #加密货币 #加密市场