CZ Denies Link to Hyperliquid Wallet Exploit, Urges Caution
On Nov. 13, Binance CEO Changpeng Zhao (CZ) publicly denied any connection to a wallet exploit linked to the Hyperliquid decentralized exchange (HYPE). The allegations followed observers tracing suspicious on-chain activity to an address they associated with CZ, but he said the pattern was misinterpreted and insisted he had no involvement. CZ also cautioned the community against amplifying unverified claims while investigations were ongoing.
Hyperliquid has launched its own probe into the incident as analysts and the exchange work to reconstruct the flow of funds and the exploit method. The episode highlights how quickly attribution can spread in crypto and the limitations of inferring ownership from wallet activity — a reminder that hasty conclusions can harm both security responses and reputations. Market participants are awaiting Hyperliquid’s findings before drawing further conclusions.