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Elon Musk denies viral claim he criticized Binance's market dominance

Elon Musk refuted a viral social media claim alleging he criticized Binance's 80% market share and encouraged users to migrate to rival exchanges, stating the quote was entirely fabricated.

Screenshot of social media posts on X showing Changpeng Zhao debunking a false claim and Elon Musk replying that the quote was made up.
Image: @MarioNawfal

Elon Musk dismissed viral claims that he criticized Binance's dominance over the crypto market, confirming directly on X that the statements attributed to him were fabricated. Responding to the circulating rumor, Musk wrote, "Yeah, I never wrote anything like that. This is made up."[3][2][1]

The rumor stemmed from a post by the account That Martini Guy, which claimed Musk had called out Binance's purported 80% market share for holding back the crypto sector and suggested that shifting funds to alternative exchanges could foster competition and trigger a bull run.[3]

Before Musk intervened, Binance co-founder Changpeng Zhao had already called out the post, replying, "bruh, don't be that guy that spreads false info." Zhao included a screenshot of an AI search querying whether an original post existed, which concluded that no such statement was ever published by Musk and that the story was fabricated.[3][1]

Key facts

  • Elon Musk denied viral claims that he criticized Binance, writing: "Yeah, I never wrote anything like that. This is made up."
  • A post by That Martini Guy claimed Musk argued Binance's 80% market share held back the industry and suggested users move funds to other exchanges.
  • Binance co-founder Changpeng Zhao flagged the claim as false prior to Musk's denial, warning the user not to spread false information.
  • Zhao shared an AI search result confirming that no original post existed and describing the claim as fabricated.

Sources 路 3 sources

  1. MN

    Mario Nawfal@MarioNawfalPost on X 路

    Elon just stepped in to shut down a fake claim about Binance. A viral post claimed Elon had criticized Binance for dominating the crypto market and was urging people to move their money elsewhere. But, he apparently never said any of it. CZ called out the post, and Elon himself jumped into the conversation to confirm the comments were made up. Imagine spreading a fake Elon quote and having him personally show up in your replies 馃槀 Source: @cz_binance / Writer: Lynn

    Open source
  2. CB

    Crypto Banter@crypto_banterPost on X 路

    馃毃ELON MUSK SAYS VIRAL CLAIM HE CALLED OUT BINANCE鈥橲 80% MARKET SHARE IS MADE UP! @elonmusk replied that he never wrote anything like that and called the circulating claim fabricated. @cz_binance had already flagged the same post as false info.

    Open source
  3. DN

    DEGEN NEWS@DegenerateNewsPost on X 路

    NEW: @elonmusk SAYS VIRAL CLAIM THAT HE CALLED OUT @binance'S 80% CRYPTO MARKET SHARE IS "MADE UP" - "I NEVER WROTE ANYTHING LIKE THAT" @cz_binance HAD ALREADY FLAGGED THE CLAIM AS "FALSE INFO" https://t.co/j3obYdZXA7

    Open source