Changpeng Zhao (CZ) has refuted viral claims that he went missing after allegedly being swept away by a strong rip current while surfing in Dubai.
The rumor quickly gained traction across social media, and some traders attempted to exploit the situation by launching meme coins on Solana and the BNB Chain.
CZ Refutes Surfing Accident Rumors
Over the weekend, WeChat group chats spread false reports alleging the Binance founder had been surfing near Dubai’s Jumeirah Beach when a sudden rip current pulled him out to sea. Posts claimed local authorities had dispatched coast guard units, speedboats, drones, and helicopters to search after police received reports.
Zhao took to his X account to label the story “fake news,” pointing out inconsistencies in the circulating accounts. He clarified that while he does kitesurf, traditional surfing is an entirely different discipline. He also noted that whenever he kitesurfs, a safety boat accompanies him.
“I don’t surf (kite surfing is a diff sport). Dubai is not even a surfing destination. There is Surf Abu Dhabi, world’s largest surf place, which I havent tried yet,” he wrote.
Rumors Trigger Meme Coin Activity
Speculators moved quickly after the rumor spread, creating multiple meme coins within hours. Several tokens showed up on the Solana network and other chains as traders sought to capitalize on the frenzy.
Data from GeckoTerminal showed most liquidity pools tied to the event on pump.fun attracted minimal investment, though one meme coin registered over $114,000 in activity in a matter of hours. The surge was short-lived: after Zhao denied the rumor and confirmed his safety, most of those tokens fell more than 40% in value.
The 49-year-old CEO has long been critical of meme-coin culture, repeatedly calling out projects that capitalize on hype or use his name without permission. In earlier posts, he described the practice as “a little weird” and encouraged developers to concentrate on building useful blockchain applications instead.
Zhao has also stressed that he does not invest in meme coins. He cited the TST token incident last year—when a token was promoted as having ties to Binance despite no official connection—as an example of how such tokens can create misleading narratives and viral attention.