CZ Responds to “Using BNB to Go Long on Mubarak” on APX Finance

Changepeng Zhao (aka CZ), the founder of Binance, responded to recent reports about him using $BNB to take a long position with Mubarak on APX Finance. In a statement, CZ explained, “Today, I conducted the first on-chain perpetual contract test. I’m just trying to experience it, and also want to see if there are still any MEV (maximum extractable value) problems.” He added that it may sound surprising, but CZ has never traded a contract on Binance (CEX). “However, I’ve seen many product demonstrations,” added CZ.

CZ on Going Long on Mubarak

Earlier, it was reported that CZ had used a public donation address to open a 24.7x leveraged long position on Mubarak using 0.04 $BNB. The position has since been closed.

Around the same time, APX saw a sharp rise, climbing 26% from $0.64 to $0.81 and Mubarak also saw a notable increase, rising 5.5% from $0.146 to $0.154.

In response to the transaction, CZ took to social media, stating, “Doing some on-chain testing as usual on Sunday, nothing to get excited about.”

Currently, Mubarak is trading at $0.1492, having surged over 22.6%. The market cap has increased by $147.49 million, up by 10%. The 24-hour trading volume has surged by 93%, reaching $228.47 million.

Courtesy: Coinmarketcap

Meanwhile, $BNB is trading at $621.51, reflecting a slight decline of over 1% in the past 24 hours. However, the 24-hour market volume has increased by 6%, reaching $1.26 billion.