A rumor claiming that Binance founder Changpeng Zhao (CZ) was swept away by strong offshore currents while surfing on a beach in Dubai on Sunday spread widely via WeChat groups on May 24. CZ immediately denied the rumor on X, saying Dubai is not a surfing destination, and that he was doing kitesurfing rather than surfing. Within hours of the rumor circulating, traders had already deployed fake meme coins on the Solana ecosystem under the codes SEAZ and RIPCZ, but the token prices plummeted quickly.
Rumor Details and CZ’s Specific Response
The fabricated post claimed: “Rescue teams launched a search near Jumeirah Beach, with authorities deploying speedboats, drones, and rescue helicopters to carry out a large-scale search and rescue operation.” In his response, CZ said Dubai is not a surfing hotspot and stated: “I’m not against meme coins, but the meme coin now has gotten ‘a bit’ weird.” CZ has previously criticized traders who chase meme coins that use his name as a gimmick.
Market Data for SEAZ and RIPCZ Tokens
According to GeckoTerminal data, on the Solana platform, the prices in multiple SEAZ liquidity pools are below one-thousandth of a cent, with market caps around $2,400 to $4,600, and liquidity below $6,000. The BNB Chain version on PancakeSwap V2 has a market cap near $8,300, with liquidity of $9,500. One Solana SEAZ liquidity pool has a trading volume of about $114,000, but liquidity is only $5,683, indicating a 20:1 volume-to-liquidity ratio.
Background: Similar Precedents and High-Risk Warnings
The event is similar to past fake news incidents in Binance’s history, including a rumor about an Interpol red notice that briefly affected the price of BNB. This pattern also recalls prior CZ-related hype cycles in crypto, where traders flood into lesser-known tokens before token momentum collapses, often suffering major losses afterward.
FAQs
Did CZ really have a surfing accident in Dubai?
No. The rumor is entirely fabricated. CZ personally denied it on X, saying he is safe and unharmed, and pointing out that Dubai is not a surfing destination—he was kitesurfing, not surfing.
How high is the market risk for the SEAZ and RIPCZ meme coins?
Based on GeckoTerminal data, the related tokens all have market caps below $10,000 and extremely low liquidity. Some Solana SEAZ liquidity pools show a volume-to-liquidity ratio above 20:1 (from $114,000 to $5,683), indicating a high risk of manipulation and going off-track. Most tokens had already fallen 10% to 40% within hours of listing.
Is this the first time that a CZ-related rumor triggered a token market reaction?
No. Binance’s history includes multiple similar fake news events, including the Interpol red notice rumor that briefly impacted BNB’s price. After momentum collapses, the token rallies triggered by these CZ-related rumors typically lead followers to take losses.
