Ex-Binance CZ Makes Crucial Warning As Bitcoin Hits New ATH

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Changpeng Zhao (known throughout the crypto community as CZ), a co-founder and former CEO of the world’s biggest exchange by trading volumes, Binance, took to his account on the X social media platform to share his take on the recent Bitcoin price surges and the future of the BTC price.

CZ comments on Bitcoin ATH

This week, the world’s largest cryptocurrency soared by 11%, rising from $69,350 to touch the $77,000 level. After that Bitcoin traded between $75,000 and $76,000. Over the past 24 hours, BTC soared to hit the $77,252 mark, reaching the second all-time high this week.

In light of these new historic records, CZ, an influential figure in the crypto industry, issued a statement to warn investors and holders about the further dips and highs Bitcoin is bound to demonstrate.

CZ issued a warning that hodlers should “apply proper risk management” and control their greed. “Don’t put your eggs in one basket. Ape slowly,” Changpeng Zhao tweeted.

Once BTC soared above $77,250, CZ tweeted: “Just the beginning.”

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CZ reacts to FTX collapse "anniversary"

In a recent social media post, CZ recalled the loud FTX collapse that took place in early November 2022. While that happened two years ago, CZ reacted in the comment that for him it feels like “definitely 20 years ago.”

FTX collapsed on November 8 and CZ announced that Binance had concluded a non-binding agreement to purchase its major rival – back then FTX was the second biggest cryptocurrency exchange. However, later Binance backed out of this agreement saying that FTX had faced a "significant liquidity crunch."

FTX founder and former CEO Sam Bankman-Fried was accused of defrauding investors of the exchange for billions of US dollars in an attempt to save his rapidly sinking trading company Alameda Research, which collapsed earlier that year.

Bankman-Fried was sent to prison for 25 years. Still, CZ himself faced charges from the US Department of Justice (DOJ) for violating security and anti-money-laundering laws. However, unlike SBF, CZ spent only four months behind bars this year. However, he was forced to step down from his CEO position forever. CZ was released at the very end of September and many in the crypto community hoped that the start of “Uptober” and CZ’s release would push Bitcoin high upwards.