Dingaling and Binance CZ's grudges

On May 6, when CZ tweeted that the well-known NFT giant whale, boop.fun founder dingaling was "a former employee fired by Binance because of rat trading" and "fake CRO", the market was confused in the shock of eating melons. Because, just about 6 hours before CZ sent this tweet, Binance Alpha just announced the launch of the boop.fun platform coin $BOOP and airdropped to users who meet the Alpha points requirements.

Things seemed to be over, but they didn't seem to be over. After being "out of face" by CZ, dingaling did not respond to CZ's merciless tweet, but he did not change his Twitter profile either. This can be seen as a "silent return".

Why does CZ do this? Why didn’t dingaling fight back head-on? Let’s start by looking back at the mystery of dingaling’s identity and try to find possible answers to these questions.

Who is dingaling?

On April 8, 2021, @OwnTheMomentNFT posted a "missing notice" on Twitter - Who is dingaling?

In the first week of April 2021 alone, dingaling spent about $350,000 on the NBA Top Shot NFT. He is famous for buying and collecting a large number of rare NBA Top Shot NFTs, and it can even be said that he is probably the first NFT giant whale to be famous.

This is a Reddit post 4 years ago, “Without a giant whale like dingaling, there is no difference between the NBA Top Shot and the cards we parents collected and kept as children and have been here to this day.”

In the subsequent NFT bull market, this is also the reason why dingaling is praised by many NFT players. He was very generous when buying NFTs. For NFTs with poor liquidity, the buying of dingaling means that many NFT players can be traded in an instant.

Soon, dingaling accepted a written interview with @OwnTheMomentNFT and revealed 2 personal information - I am a currency circle and an Australian.

One and a half years later, the topic of "Who is dingaling" was officially ignited by a tweet from @NFTethics . At this time, dingaling already has more than 100 BAYCs and 70 Azukis, and ranked first in the bid with 309 ETH at the Azuki gold skateboard auction.

@NFTehics concluded that dingaling is the "absolute Binance Senior Staff" named Dinghua Xiao. In the early days, the Twitter account @DinghuaXiao existed, and it is still possible to search for some Binance-related tweets, where Binance users interact with the account. In these interactions, you can even see @dingalingts, the current dingaling Twitter handle.

If dingaling is indeed Dinghua Xiao, then he is not only a Binance executive, but also a shareholder of West Realm Shires Inc, a joint venture entity jointly established by CZ and SBF.

In 2024, Dinghua Xiao became defendants in the lawsuit related to the FTX bankruptcy case, along with CZ and Samuel Wenjun Lim (Lin Wenjun, who mentioned in the document that he served as Binance’s compliance chief from 2018 to 2022). They are listed as defendants for being accused of participating in a “fraudulent share buyback transaction” in 2021 and creating a run effect through false statements before the FTX collapse, facing multiple civil compensation and return requirements.

Although Dinghua Xiao worked in Binance and several of its subsidiaries from 2017 to September 2019 in the litigation documents, he bought shares of West Realm Shires Inc on February 28, 2020.

Just about 1 hour after @NFTethics’ tweet was posted, dingaling hit back on Twitter. He said he was Australian and a former Binance employee and accused @NFTethics of "an unreasonable and random speculation of human flesh searches".

In fact, in the first half of the month before the launch of @NFTethics, @maid_crypto mentioned dingaling's identity, "founder of Pancake and LooksRare".

Nevertheless, dingaling’s resume as a Binance employee has long been unknown to most people. After he revised his Twitter profile and sparked discussion, even one of the largest NFT KOLs @waleswoosh said he was unaware of dingaling’s former Binance resume.

CZ's uprising and dingaling's silence

This may be something that everyone is confused about - why have they been put on Binance Alpha and airdrops also sent? CZ still says dingaling? Why doesn't dingaling fight back like @NFTethics 3 years ago?

CZ's behavioral motivation may come from two aspects. One is the possible adverse impact of dingaling's behavior on Binance compliance, and the other is that there may be some private affairs with dingaling.

For a long time, it cannot be said that dingaling deliberately downplayed his former Binance background, but he almost never mentioned it on the initiative. Shortly before boop.fun went online, he changed his Twitter profile to "built boop.fun, former Binance CRO and PancakeSwap founder."

As an NFT giant whale, dingaling does not require a Binance background, and even this background may have negative effects. But as the founder of boop.fun, this identity can help in marketing. You might say why the LooksRare period was not mentioned? Because LooksRare declared an anonymous team at that time, and boop.fun was a "real-name entrepreneurship".

On the private matters between the two parties, CZ publicly stated that "dingaling was fired because of the rat trading", which seemed to be a reason to be angry - causing harm to the company. But when we look through the tweets in the English circle, we will see some interesting comments.

There are many stories between CZ and dingaling, and I can only say that if CZ says bad things about dingaling, I wouldn 't be surprised because this is not the first time dingaling has been tricked by CZ. Everyone knows what CZ did to the founders of PancakeSwap

In theory, CZ is right. Dingaling’s position is a research leader (de facto CRO) and does have been investigated and subject to a million dollar fine for “rat handover.” The situation of this "rat-stopper" is that dingaling bought a bunch of $CAKEs by itself, but asking CZ for the share of PancakeSwap's revenue has aroused the anger of CZ and Ted Lin (formerly Binance CGO)

dingaling's failure to fight back is because as a project party, he needs Binance to make his project more successful.

In fact, he also hit back. Not modifying his Twitter bio is a silent fight back.

Only both parties can know all the grudges and grudges, right and wrong. I hope that this article’s review of the “resentials of grudges” in the currency circle can give you a good experience of eating melons.