Changpeng Zhao (CZ) Warns That His 'Followers Mean Nothing

• These comments highlight the risks traders face following on crypto social media.

• ​​In some cases, crypto influencers use speculative promotions to drive interest in crypto.

• Changpeng Zhao (CZ), the former CEO and founder of Binance, has warned his millions of followers not to mistake his 'social media followers' for endorsements.

• These comments come after reports that some people were buying and selling his followed accounts, in some cases for thousands of dollars.

• CZ Condemns Follow Endorsements

• In a post on X on Monday, CZ condemned the idea that his follow list was for endorsements.

• Zhao wrote on X, "Don't buy the handles I follow. I will unfollow all accounts that are for sale." He further stated that he follows people "randomly."

• The Binance founder said he often follows people because they are "helpful, informative, [or] people with positive energy."

• He added: "My following means nothing; it's not an endorsement of anyone."

• "CZ Follows" Accounts

• In a separate post, an X user described how accounts followed by CZ could sell for up to $20,000 USDT in 2022.

• Some traders reportedly paid up to $3,000 to obtain the "CZ-Follows" handle, but were later unfollowed when the Binance chief discovered the practice.

• While some considered these transactions a harmless attempt to gain prestige, others exploited the incident for more malicious purposes.

• X users warned that criminal groups had begun purchasing such accounts to promote crypto scams and rug pulls, exploiting Zhao's reputation for legitimacy.

• The translated post read, "This is really disgusting, so the wave of unfollows by Big Cousin is really the right move."

• Some X users were surprised by the move.

• One user said, "This is really strange - people were paying $3,000-$20,000 just because CZ followed them," and added, "One person completely turned Twitter followers into a bull market economy."

• The Dangers of Crypto Social Media

• As cybersecurity firm OneSafe noted in a recent blog post, "social media can be a double-edged sword" in crypto markets.

• In its report on the dangers of crypto social media, OneSafe wrote that "cryptocurrency prices are like leaves in the wind when it comes to social media manipulation."

• The publication explained how a single post can fuel frenzied speculation, whether the claims are supported by data or not.

• "Self-proclaimed experts provide advice that could lead to significant financial losses for those who rely on unverified claims rather than objective blockchain data," the company wrote.