CZ Calls Out Alleged Binance Impersonation

In a chaotic week for the crypto market, an unexpected dispute erupted between Changpeng Zhao (CZ) – former CEO of Binance, and the founding team of the meme coin project Boop on Solana.

The incident has captured the attention of the Web3 community and raised broader questions around accountability, identity, and credibility within the crypto ecosystem.

About Boop (BOOP)

Boop is a newly launched project that debuted on May 1, 2025, aiming to simplify the process of creating and trading meme tokens within the Solana ecosystem. The platform, boop.fun, allows users to generate tokens with just a few simple steps, no technical knowledge required and comes integrated with tracking tools like AlphaScan.

Within just a few hours of its launch, the BOOP token experienced explosive growth, reaching a market capitalization of over $500 million. Although it has since seen a slight correction, the project still maintains a valuation around $280 million, with daily trading volumes approaching $100 million.

Interest in Boop surged further after the project was featured on Binance Alpha – Binance’s early-stage discovery platform for promising projects. This move led many to believe that Boop has a direct connection to Binance or is quietly backed by the world’s largest cryptocurrency exchange.

How to Check BOOP Airdrop via Binance Alpha:

Step 1: Go to Binance Wallet. This is Binance’s discovery platform for DeFi space. Make sure you have an Binance account in order to use Binance Alpha.

Step 2: If your wallet or Binance account is eligible, your BOOP will appear in your Binance Wallet balance.

Read more: Farming Airdrops on Binance Alpha: Low Risk, High Reward

CZ Questions the Identity of Boop’s Founder

The controversy escalated on May 5, 2025, when Changpeng Zhao (CZ) posted on X in response to a fictional scenario shared by the account @Vito_168. In the post, Vito imagined a former Binance employee launching a failed project on Solana and later returning to seek help.

CZ replied by implying that such a person had once been fired from Binance for insider trading misconduct and later claimed to be a “CXO” of another project – a role that does not exist within Binance’s official structure. He also clarified that Binance never had a “CRO” (Chief Revenue Officer) position, stating: “The story is entirely fictional. Please don’t identify yourself with it.”

The post immediately triggered speculation in the crypto community, with many linking CZ’s comments to Dingaling (@dingalingts) – the founder of Boop.fun, who previously described himself as an “ex-CRO of Binance” and the founder of PancakeSwap.

也有因为老鼠仓被币安开除的前员工，几年后说是什么什么创始人，CXO的。币安除了CEO, CTO, CMO, CCO, CFO, COO之外就没有过其他的C什么O的。

以上故事纯属虚构，请勿对号入座。

— CZ 🔶 BNB (@cz_binance) May 5, 2025

Prominent accounts like @Wolfy_XBT and @anndylian shared screenshots of Dingaling’s public profile to support the theory that CZ was indirectly calling him out.

Some users suggested that Dingaling may have been terminated from Binance for internal violations, although no official confirmation has surfaced to date.

The situation intensified after an X account representing Boop claimed that the project’s founder had held a senior role at Binance, specifically as a former Product Lead for Binance Smart Chain (BSC).

CZ responded swiftly and firmly. In a concise yet pointed post, he wrote:

“I have no idea who this person is. We’ve never had anyone by that name serve as a Product Lead at Binance or BSC.”

CZ’s remarks sent shockwaves through the community. While some investors began questioning Boop’s transparency, others remained neutral or continued supporting the project as part of the growing meme coin movement.

Boop: Just a Meme or a Marketing Scam?

The core issue now centers on the true identity of Boop’s founder and whether the project is leveraging Binance’s brand recognition to mislead the community. While using humor and cuteness to promote a meme coin is nothing new, when a project publicly claims to involve former senior Binance personnel, investor expectations and trust are placed on an entirely different level.

Some Boop supporters argue, “It’s just a meme – no one needs to take memes seriously.”As long as the token performs and the community thrives, the origin doesn’t matter.” However, many industry figures including CZ counter that impersonation or inflating one’s credentials is unacceptable, regardless of whether a project is a meme coin or not.

Shortly after CZ’s remarks, the price of BOOP dropped by as much as 15% within a few hours, before partially recovering thanks to strong buying pressure from Solana’s meme coin community. Trading volume on platforms like Jupiter, Raydium, and MEXC remained high.

This incident highlights the growing risks in Solana’s latest meme coin wave, where developers launch tokens within minutes, blurring the line between genuine projects and opportunistic “shitcoins.” Boop may be a victim of overblown skepticism or it may be a prime example of how media-driven hype can attract short-term speculative capital.

Dingaling’s Silence and What’s Next for Boop?

Notably, as of now, Dingaling has yet to issue any official response on social media following CZ’s indirect accusations. His recent posts on X have focused solely on promoting Boop.fun, highlighting staking programs, airdrop rewards, and product updates.

This silence in the face of CZ’s sharp remarks has further fueled speculation about the accuracy of Dingaling’s personal claims. Some observers interpret the lack of response as a strategic move to avoid escalating tensions, while others view it as a sign of possible non-transparency.

Date	Event	Impact
May 5, 2025	CZ posts on X, denying the existence of a CRO position at Binance; hints at ex-employee fired for insider trading.	Sparks controversy, community links post to @Dingaling.
May 5, 2025	Crypto community highlights Dingaling’s profile, claiming to be ex-CRO of Binance.	Increases FUD, raises doubts about Boop.fun’s credibility.
May 6, 2025	Dingaling has not publicly responded to CZ’s indirect allegations.	Sustains community skepticism and mistrust.

 

Despite the controversy, Boop’s official website and media channels remain fully operational, with regular announcements about new features. The token continues to trade actively on platforms like MEXC, Raydium, and Jupiter, with high price volatility and persistent interest from the meme coin community.

Conclusion

The controversy between CZ and Boop is a clear reminder that meme coins are not exempt from the need for transparency and accountability. While such projects may thrive on humor and viral appeal, the market still requires clear boundaries between “fun” and “fraud.”

If Boop indeed has no connection to Binance as previously implied, the project must clarify its team information and retract any misleading public statements. Conversely, if Boop can provide credible evidence of such a connection, this could challenge CZ’s credibility and the community deserves clear and honest disclosure.

For the crypto community, especially newcomers, the key lesson remains: never invest solely based on claims about identity or industry ties. The crypto world can turn jokes into million-dollar assets but not every joke is worth betting your money on.

Read more: Top 5 Pre-TGE Projects Backed by YZI Labs (Binance Labs)