CZ's Book Accuses OKX CEO Xu Mingxing of Reporting Huobi Founder Li Lin to Police

In a new memoir that has ignited a firestorm within the crypto industry's highest echelons, former Binance CEO Changpeng 'CZ' Zhao alleges that OKX CEO Xu Mingxing was personally responsible for the 2020 arrest of Huobi founder Li Lin. The explosive claim, detailed in Zhao's book 'Freedom of Money,' centers on a 2025 banquet where Li Lin reportedly told Zhao he had seen a screenshot proving Xu Mingxing reported him to Chinese authorities. This direct accusation of betrayal by one major exchange founder against another pulls back the curtain on the intense, often hidden rivalries and pressures that define the sector's relationship with state power.

The book recounts Zhao's attendance at the dinner with Li Lin after an 11-year separation, where Li allegedly revealed the source of his legal troubles. While Li Lin's arrest on November 28, 2020, was public, the specific circumstances and alleged informant were shrouded in secrecy, with even subsequent reports remaining uncertain. Xu Mingxing has forcefully denied the account, labeling it 'purely false information' and attacking Zhao's credibility by calling him a 'habitual liar' who continues to make false statements.

The allegation places intense scrutiny on the opaque dynamics between Chinese crypto entrepreneurs and state surveillance, suggesting that competitive pressures can escalate into direct legal referrals. It also reignites public debate over the unresolved narratives behind the fall of major industry figures, forcing a re-examination of past events where official stories were incomplete. The very public feud between two of the sector's most prominent exiled leaders signals deep, unresolved fractures and highlights the persistent risks of operating in a space where business rivalry, personal reputation, and state scrutiny dangerously intersect.