Freedom of Money, Freedom of Drama: CZ's Memoir Unleashes China's Greatest Crypto Family Reunion

Binance founder Changpeng Zhao dropped his 457-page memoir "Freedom of Money" on April 8, and the crypto world immediately remembered why China-based exchanges have trust issues. Because nothing says "I learned nothing from 2017" like publishing a tell-all book that reads like a Group Chat between convicted fraudsters.

The autobiography covers CZ's journey from rural China to building the world's largest crypto exchange. But the most explosive parts involve his fellow Chinese crypto titans—Huobi founder Li Lin and Tron (TRX) founder Justin Sun. Oh, and it reignited a public war of words with OKX founder Star Xu. Think of it as the crypto equivalent of that family reunion where everyone brings receipts.

The Roots of a Decade-Old Rivalry

CZ joined OKCoin (OKX's predecessor) as CTO in mid-2014. His tenure lasted less than a year. That's shorter than most rug pulls.

According to the memoir, CZ left in early 2015 after Star Xu attempted to renegotiate the 10% equity stake CZ held in the company. The departure got messy. Actually, "messy" is putting it kindly. This was the crypto equivalent of a divorce where everyone keeps the furniture and no one is happy.

A bitter contract dispute erupted shortly after, centered on the Bitcoin.com domain name. CZ had brokered a deal between OKCoin and early Bitcoin investor Roger Ver. Ver entrusted the domain's operation to the exchange in return for monthly payments. Two versions of the contract existed. Verand CZ both claimed OKCoin forged a modified version adding a six-month termination clause. Xu blamed CZ for the forgery. Classic he-said-she-said, except "she" was an exchange and "he" was potentially committing fraud. Fun times.

That 2015 feud drew in Ver, who sued OKCoin for $570,000. It also saw CZ publicly accuse OKCoin of inflating trade volumes with bots and manipulating a proof-of-reserves audit. Xu fired back by questioning CZ's credentials and accusing him of deceit. Volume bots in 2015? Surely not. This is crypto. We invented fake volume before we invented real volume.

The dispute eventually faded. But nobody forgot. Because in this space, grudges are stored in cold storage forever.

From Old Grudges to New Allegations

In "Freedom of Money," CZ revisits the 2020 Chinese regulatory crackdown. He describes OKCoin announcing an indefinite suspension of withdrawals on October 16, 2020. Star Xu was reportedly placed under "soft detention" by Chinese police and released after about five weeks. "Soft detention" sounds like a spa day if the spa was a police station and the treatment was existential dread.

Two days after Xu's release, Huobi founder Li Linand other executives were detained during a public event on November 28, 2020. Li Lin endured roughly 90 days of soft detention. He eventually exited the industry and sold Huobi to Justin Sun's investment vehicle, About Capital Management, in October 2022. That deal, reportedly valued at around $1 billion, later became a source of conflict between Sun and Li. Sun accused Li of concealing a $30 million shortfall during due diligence. Li, in turn, sued over trademark rights. Sun has since rebranded the exchange as HTX. Nothing says "we're totally different now" like changing two letters and keeping the chaos.

The most incendiary claim in CZ's book involves what allegedly happened years later. CZ writes that at a 2025 dinner, Li Lin told him he had seen a screenshot showing that Star Xu had personally reported him to the Chinese police. That report, CZ claims, triggered Li Lin's arrest. A screenshot. The most dangerous piece of evidence in crypto history. Worse than a PDF.

Star Xu Hits Back

Xu called the snitching allegation absurd and dismissed CZ as someone whose nature does not change after four months in prison. CZ served time in a U.S. federal facility after pleading guilty to anti-money laundering violations in 2023. He paid a $150 million personal fine while Binance paid $4.3 billion. Four months in Club Fed apparently wasn't enough time to reflect on one's life choices.

"After spending four months in prison, he continues to make false statements to the world. All I can say is: a habitual liar never changes their nature," Xu stated. Ouch. Burn degree: Celsius.

Xu didn't stop at denial. He pivoted to the old OKCoin contract dispute, resurfacing a YouTube video and QQ chat logs from December 2014. The evidence, he argued, still proves CZ sent two versions of the Ver contract to an OKCoin accountant. Version 7 arrived first. A modified version 8 followed hours later with the added termination clause. QQ chat logs in 2024. Nothing screams "I have receipts" like a decade-old instant message log.

Beyond the contract dispute, Xu listed other claims he considers false, including CZ's account of his time at OKCoin, the Roger Ver dispute, whether CZ personally manipulated the market, and even CZ's marital status. Xu also implied that CZ acted as a "tainted witness" who reported Justin Sun during a separate investigation. When you start attacking someone's marriage in a public feud, you've officially lost the plot. Or won? Hard to tell.

CZ has not directly responded to Xu's posts. Radio silence. The loudest sound in crypto.

What This Feud Reveals About China's Crypto Founders

The exchange of accusations spotlights how personal rivalries between China's original crypto exchange founders still shape public narratives. CZ, Star Xu, Li Lin, and Justin Sun built four of the most influential platforms in the industry. All of them navigated Beijing's crackdowns, founder detentions, and forced offshore pivots between 2017 and 2022. These guys survived Chinese regulatory roulette only to spend their post-detention years arguing about who snitched first.

Li Lin quietly exited after selling Huobi. Justin Sun became the controversial steward of its successor, HTX, while facing his own U.S. SEC charges for alleged securities fraud. CZ served his sentence and now positions himself as a thought leader through education initiatives. Xu continues to lead OKX, which remains one of the top global exchanges by volume. Everyone's a thought leader now. Even the ones who went to federal prison.

None of the central claims in this feud has been independently verified. The screenshot CZ attributes to Li Lin has not been made public. The 2014 contract evidence remains contested after more than a decade. In crypto, evidence is like privacy—everyone claims to have it, no one actually shows it.

What is clear is that "Freedom of Money" has turned a new page on old wounds that China's crypto class would rather keep closed. Some wounds you just can't rug pull away.