In the glittering night of Victoria Harbour, the BUIDL 2025 Web3 summit unfolded on April 5, 2025 — a stage where innovation met influence. Amid the high-profile speeches and product launches, one image went viral: three titans of the crypto world — Huobi’s founder Li Lin, Binance’s CZ, and TRON’s Justin Sun — standing side by side, clinking glasses with wide smiles. But it was a second photo that truly captivated the internet: Li Lin and Justin Sun sharing a symbolic “cup of unity”, arms entwined like long-lost brothers.
Just two months earlier, Sun had publicly accused Li of concealing a $30 million financial shortfall at Huobi. The feud was fierce, played out in tweets, blog posts, and community forums. Now, they were toasting in harmony. What changed? Was this genuine reconciliation — or merely a strategic performance?
This moment captures the paradox of the crypto elite: fierce competition and fragile alliances coexist in a world governed not by laws, but by unwritten rules. Theirs is a story of rivalry, survival, and silent cooperation — a narrative that reflects the broader evolution of the cryptocurrency industry from wild speculation to structured maturity.
Li Lin vs. Justin Sun: A $30 Million Rift Turned Reconciliation?
The tension between Li Lin and Justin Sun traces back to October 2022, when Sun’s Hong Kong-based investment firm, Baoyu Capital, acquired Huobi Global. At the time, it was hailed as a power consolidation in the Chinese crypto diaspora. But in February 2025, Sun dropped a bombshell: he claimed Li had hidden a $30 million deficit related to margin trading losses during volatile market conditions.
Li responded with a detailed rebuttal. He argued that the so-called “hole” was not undisclosed — it stemmed from futures trading liquidations, a known risk in any exchange’s operations. He emphasized that sufficient reserves were set aside at the time of acquisition and that all financial disclosures were made under agreed accounting standards.
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But this wasn’t their first clash. In May 2023, Sun accused Li’s brother, Li Wei, of illegally obtaining zero-cost HT tokens and dumping them on the market. He vowed to reclaim and burn them to protect investor trust. Li challenged him to produce evidence — none emerged, and Sun eventually deleted the post.
Despite these public spats, their summit embrace suggests a truce. Was it orchestrated for optics? Or did behind-the-scenes negotiations resolve the dispute? In crypto, where reputations can collapse overnight, public unity often trumps private grievances.
Interestingly, Li Lin has form when it comes to symbolic gestures. Back in 2018, he famously shared a "brotherhood" moment with Xu Mingxing, then CEO of OKEx (now OKX), drinking baijiu bare-chested at a Beijing street stall. That act of camaraderie came during a crisis when OKEx faced withdrawal freezes — and Li publicly defended Xu. Their bond, though fleeting, symbolized an era when crypto founders stood together against external threats.
CZ and Justin Sun: Allies, Competitors, or Both?
If Li Lin and Sun represent old grudges healed, CZ and Justin Sun embody the duality of crypto leadership: collaboration and competition intertwined.
Their relationship began in earnest in 2018. At the World Investment Forum in Geneva, Binance launched its Blockchain Charity Foundation — and TRON Foundation donated $3 million to support disaster relief via blockchain transparency. This early alignment set the tone.
2019 marked their peak cooperation. Sun’s BitTorrent (BTT) became the first project launched on Binance Launchpad, raising $7.1 million in just 14 minutes. Then came the TRC20-USDT integration, which Binance boosted with a “16% APY” campaign for deposits — injecting massive liquidity into TRON’s ecosystem.
For a time, it was win-win: Binance attracted stablecoin users; TRON expanded its network dominance.
But cracks emerged with the rise of BUSD. Launched in partnership with Paxos in 2019, BUSD quickly grew to $20 billion in market cap by 2022. Coincidentally (or not), just weeks after Binance announced it would phase out competing stablecoins like USDC and TUSD, Huobi — now under Sun — delisted HUSD, its own Paxos-backed stablecoin.
HUSD’s value plummeted from $1 to $0.30 within days.
Was this coordination or coincidence? Suspicion flared when CZ was photographed dining with Rich Teo, co-founder of Paxos, months before HUSD’s collapse. Though no proof emerged of collusion, the optics were damaging.
Yet by December 2022, Binance integrated Binance-Peg BUSD on TRON, and Sun enthusiastically promoted the move. Rivalry paused; business resumed.
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The tension resurfaced in 2023 when Sun transferred 405 million TUSD into Binance to participate in a LaunchPool event for SUI tokens. Critics cried foul — accusing Binance of enabling “whale dominance.” CZ responded firmly: LaunchPool was for retail users. Sun claimed it was a liquidity operation gone wrong and withdrew the funds.
Later that year, regulatory pressure forced Paxos to halt BUSD issuance after the SEC deemed it an unregistered security. Binance pivoted hard to TUSD, making it a top trading pair — putting direct pressure on TRON’s USDT dominance.
Then came Sun’s dramatic 2025 accusation: that First Digital Trust (FDT), custodian of TUSD, had misused $456 million in reserves. While FDT denied wrongdoing, the claim triggered panic — and scrutiny fell on Binance for allegedly warning large holders privately before retail users.
Sun positioned himself as a whistleblower; CZ faced another PR storm.
Yet through it all, Sun has consistently defended CZ — especially during the SEC lawsuit in 2023 and CZ’s resignation in late 2023. He praised CZ’s legacy and reaffirmed commitment to collaboration.
The Unwritten Code of Crypto Leadership
What do these stories reveal?
- Grudges are temporary; interests are permanent.
- Public conflict often masks private negotiation.
- Unity is performative — but necessary for ecosystem stability.
These leaders operate in an environment where regulation looms large, markets are fragile, and trust is currency. A single tweet can crash a token; a leaked email can spark regulatory action.
So they drink from the same cup — not because they’ve forgotten the past, but because the future demands cooperation.
FAQ
Q: Did Li Lin really hide financial issues from Justin Sun during the Huobi sale?
A: According to Li Lin, the alleged $30 million deficit was already accounted for as margin trading risk and covered by reserves. No independent audit has confirmed fraud or omission.
Q: Why did HUSD fail while BUSD succeeded — then also decline?
A: HUSD struggled with adoption beyond Asia. BUSD thrived due to Binance’s support but fell victim to U.S. regulatory action over compliance concerns.
Q: Is Justin Sun’s TUSD exposure claim against FDT credible?
A: While FDT denies misconduct, third-party audits have not fully validated reserve claims. The situation remains under investigation.
Q: Can rival crypto leaders truly collaborate long-term?
A: Yes — but only when aligned incentives outweigh competition. Regulatory pressure and market volatility often force temporary alliances.
Q: What role do stablecoins play in exchange power struggles?
A: They’re strategic assets. Controlling or promoting a dominant stablecoin gives exchanges leverage over liquidity, trading volume, and user retention.
Q: Is the “crypto brotherhood” genuine or just PR?
A: It’s both. Personal relationships exist, but they’re secondary to business strategy. The “bro code” kicks in when systemic threats emerge — like regulation or black swan events.
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Conclusion: The Evolution of Crypto Diplomacy
The交杯酒 (cup of unity) between Li Lin and Justin Sun may seem theatrical — but it’s symbolic of a maturing industry. From chaotic beginnings to regulated ecosystems, crypto’s leaders are learning that coexistence is more profitable than war.
Their feuds make headlines; their handshakes move markets.
As Web3 evolves, the line between enemy and ally will blur further — not out of friendship, but out of necessity. In this high-stakes game, survival belongs not to the strongest, but to those who know when to fight — and when to drink from the same cup.
Core Keywords: crypto billionaires, Justin Sun, Li Lin, CZ, Binance, TRON, Huobi, stablecoin wars