Elon Musk Denies Fabricated X Post Claiming Binance Controls 80% of Crypto Market
Key Takeaways
- •A fake post on X falsely attributed to Elon Musk a statement claiming Binance controls approximately 80% of the digital asset market.
- •Musk publicly rejected the fabricated quote, stating he never made the remark about the cryptocurrency exchange.
- •The viral message was spread by a crypto influencer account rather than any official channel controlled by Musk.
- •Binance, founded in 2017 by Changpeng Zhao and the world's largest exchange by trading volume, invested roughly $500 million in Musk's October 2022 Twitter takeover.
- •Because Musk is among the most frequently impersonated figures in cryptocurrency fraud schemes, readers are advised to verify attributed quotes against primary sources.
Elon Musk has publicly denied a viral post that invented a statement attributed to him about Binance, one of the world's largest cryptocurrency exchanges.
The fabricated claim appeared on X on Saturday morning, published by a crypto influencer account rather than any channel controlled by Musk. It asserted that the Tesla chief executive had blamed Binance's control of roughly 80% of the digital asset market. Musk has since rejected the post as fake, making clear that he never made the remark.
What the Fabricated Post Said
The viral message attributed to Musk the assertion that Binance commands approximately 80% of the digital asset market. The post was circulated from a cryptocurrency influencer account, and Musk subsequently denied any connection to the statement.
Context
Binance, founded in 2017 by Changpeng Zhao, has long been regarded as the world's largest cryptocurrency exchange by trading volume. The exchange also has a business history with Musk: it committed roughly $500 million to his acquisition of Twitter, making it one of the equity investors in the October 2022 takeover.
Musk has a direct connection to the platform on which the fake post spread: he acquired Twitter in October 2022 and rebranded the service as X in 2023, serving as the company's owner and executive. That overlap — an earlier Binance investment in the acquisition, ownership of the platform where the claim circulated, and a public denial from Musk himself — is what gives the episode its relevance for readers tracking how unverified celebrity statements move through crypto-focused social media.
Fabricated statements and scam posts impersonating the billionaire are a persistent problem across social media, and Musk is among the most frequently impersonated public figures in cryptocurrency-related fraud schemes. Readers are advised to verify quotes attributed to prominent figures against primary sources, such as verified accounts or official statements, before treating them as authentic.
This content was first published on COINOTAG: https://en.coinotag.com/elon-musk-denies-fake-binance-80-percent-post
