Binance CEO Changpeng "CZ" Zhao has criticized the various narratives circulating on Twitter about the reasons for the recent sell-off in altcoins, warning against trusting "insiders" who claim to know the true reasons for the market downturn.

He specifically refuted three theories that have gained traction on social media, including claims that Binance is increasing its cash holdings, that Robinhood is selling off all tokens it plans to delist, and that regulatory attacks by the US and China are causing the market to decline. The SEC's recent decision to regulate almost all major altcoins as securities has triggered panic on altcoin markets, with many losing over 25% of their value overnight and over $350 million in crypto positions being liquidated in the last 24 hours.