CZ noted that a safety boat always follows him when he kitesurfs, making the scenario of being dragged out to sea implausible.
Changpeng Zhao (CZ) has denied viral rumors of his disappearance after he was allegedly caught in a strong rip current while surfing in Dubai.
The story spread quickly across social media, with traders also rushing in to capitalize on the speculation by launching meme coins on Solana and the BNB chain.
CZ Dispels Surfing Accident Claims
WeChat users circulated the fake news in group chats over the weekend, saying the Binance founder had been surfing near Dubai’s Jumeirah Beach when a sudden rip current dragged him out to sea. The rumors even said that local Coast Guard and rescue teams had deployed speedboats, drones, and helicopters for a search operation in response to police reports.
Zhao has since dismissed the report as “fake news,” taking to his X account to point out the inconsistencies in the social media story. He clarified that while he does participate in kitesurfing, traditional surfing is a completely different sport. The Binance founder later added that whenever he goes kitesurfing, he has a dedicated safety boat following 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.
Accident Rumor Starts Meme Coin Frenzy
Traders were quick to seize the opportunity, launching several meme coins within hours of the news breaking. Tokens appeared on the Solana network, attracting speculators who rushed in to profit from the confusion.
According to data from GeckoTerminal, most of the pools on pump.fun associated with the happening failed to attract substantial liquidity, although one of the meme coins did reach over $114,000 in activity in mere hours. However, the excitement did not last long, as most of these coins lost over 40% of their value after CZ denied the rumor and confirmed he was safe.
The 49-year-old is known for his skeptical view of meme coins, accusing traders of chasing hype by launching tokens tied to his name in the past. Zhao has previously described the trend as “a little weird” and urged developers to focus on building practical blockchain applications instead.
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Zhao later emphasized that he had never invested in meme coins following the TST token launch incident last year, which went viral after being promoted as linked to Binance despite having no official connection to the exchange.