He Yi responded to the "best friend" rumors, saying that evidence is welcome and the reward for reporting is still valid

In response to the rumors circulating in the community today about the nepotism between Binance's investment department, Dovey and others, Binance co-founder He Yi published an article "Some clarifications and reflections on Labs" to respond. The full text of the article is as follows:

1. Relationship between Labs and Binance

1. Binance labs has been renamed as Yzi labs and operates independently. Ella Zhang is the person in charge and CZ directly manages Labs. Currently, there are thousands of projects invested in, and only a very small percentage of the projects are listed on Binance. From the first day of the establishment of Labs, these are two completely independent teams, making independent decisions.

2. The coins listed on Binance are isolated by layers of firewalls, but one thing that is undeniable is that if Binance is willing to give a certain amount of coins as airdrops to users, it will serve as a reference indicator.

3. Labs staff and public investment project information, as well as the names of other investors in the market. Investment information is basically public information in the market. If there is a record of bribery, we welcome evidence and public supervision. If any Binance or Binance-related employee asks for money, shares, or tokens from any project or partner, we will definitely send them to jail and ruin their reputation.

Reports about labs can be sent directly to CZ or Ella, and reports about Binance and He Yi are welcome to be sent to the public Binance internal audit email. Reward reports are always valid.

2. He Yi and her bestie

1. Every day, there are countless people in the market claiming to be He Yi’s girlfriends, friends, and relatives who use them as a means of personal profit. Some people even claim to be CZ’s godson or He Yi’s fiancé. Please don’t be fooled. He Yi has refuted the rumors countless times, but it can’t stop everyone from believing in the so-called backdoor. Historically, Labs has always welcomed any other investment institutions to recommend projects. Labs welcomes any institution or project party to become "Labs’ girlfriend". I hope Labs and all industry practitioners and investors can become girlfriends.

2. Considering that everyone is so obsessed with the "He Yi best friend" thing, Labs is currently directly managed by my best friend Ella, who is also the original founder of Labs. If you firmly believe in the idea of best friends, you are welcome to contact Ella to become a best friend of Labs.

3. As the co-founder of Binance, I believe in "users first", so whether you are a retail investor or an industry practitioner, I will listen carefully to your suggestions on products or management. If any KOL or retail investor says "Please listen to me" and shows the conversation record, it is not uncommon. On average, I have more than 100 such conversations every year, and I welcome more effective suggestions.

3. What’s wrong with the market?

As a BNB holder, I am a practitioner of "value investing". I firmly believe that whether it is entrepreneurship or investment, value creates price, and everyone's understanding of value is different. The following is only my personal understanding

In the 17-year cycle, all web3 entrepreneurs flocked to infrastructure, because infrastructure projects have high valuations and only require a small and elite team. There is no need to consider business models or revenue. At that time, it was said that "projects that are understandable are not valuable," including the newly launched BNB.

With the development of time, the so-called impossible triangle of decentralization, speed and cost has been broken. In 2021, we ushered in Defi, Metaverse, GameFi, and applications. However, today, the general currency prices are performing poorly, because no one wants to touch the high-voltage line of security tokens. Even if the infrastructure is complete, the most successful application trading platforms and stablecoins in this industry are struggling with regulatory policies.

The rise of the market in 24 years is essentially driven by the entry of traditional finance and ETFs. The biggest problem in the cryptocurrency circle is the lack of "effective/high-quality assets", and high-quality assets are scarce resources in any investment market. At the end of the year, we welcomed Trump, a crypto-friendly president. The US regulatory trend has driven the continued heat of the market. We hope that the new policies will enable entrepreneurs in the cryptocurrency circle to give value to tokens in the future, not just governance tokens, or Memes as cultural phenomena . There is no risk without attached value.

On the eve of crossing the gap, no one is interested in the complete and endless infrastructure projects. Once applications are involved, they may touch upon high policy pressure. The winner before dawn is Meme, bubble, and nothingness. After all, no one needs to be held responsible.

But dawn always comes.

4. Thoughts on the practice of the value of the cryptocurrency circle

The cryptocurrency industry has been widely criticized for its lack of value since it was a geek circle more than a decade ago. In my countless AMAs, I have said that if AI is a revolution in productivity, then blockchain is a revolution in production relations. However, current projects generally do not create “fruits of labor”. Whether it is the seemingly innovative on-chain interactive airdrops or xx to earn, the form is greater than the content. After all, there is no rice in the pot. Can adding water turn it into rice? Model innovation may bring popularity, but if it does not create value, it will eventually return to zero.

The unique asset issuance model of the cryptocurrency circle allows any entrepreneur to quickly become a "successful person" with assets of tens of millions or even hundreds of millions after the token TGE. After all, it is not uncommon for 1-3% of the tokens to be put online for circulation. They can raise the price in the market at will and gradually sell it to users on the chain or trading platform. If you can achieve "wealth freedom" just by issuing coins, how many people can stick to their original intentions and become a "value creator"? When ICO was popular in 2017, I said that your "success" is just a one-time mortgage of your lifelong reputation, not equal to IPO cashing out.

Success is against human nature. The law of the universe is that assets will be distributed to those who do not love money, those who want to make the world a better place. If BNB is worth $10, and the Binance team cashes out, there will be no BNB that is aiming for $1,000 today, and there will be no Binance today. I often say that if a person only wants to make money, then this person will probably not be very successful. Those who can create high-quality assets must not only have the ability to change the world, but also the character. If you are such an entrepreneur, you are welcome to contact us in any way.

Although the road is long, there are always people who hold the torch against the wind.

V. On Public Opinion and Criticism

In 2018, I was subjected to an unwarranted slander. A post on Reddit fabricated a story that I discriminated against a female entrepreneur in an attempt to drive me out of Binance. At least one thing in the article was true: "He Yi doesn't speak English."

In 2019, I encountered a rumor of "sending underwear" in the Chinese area. It is still reported by mainstream media today, but one thing is true: "I quarreled with others in the group." At that time, I still cared about public evaluation. I tried to explain every misunderstanding of Binance and me, until I felt that I became the Liuzi who cut open his stomach to prove how many bowls of noodles he had eaten. Only then did I begin to learn to turn darkness into nutrients and sharpen my soul with pain.

It is always easier to destroy than to build. Every day, countless people lose money due to the ups and downs of the market. They can easily blame it on He Yi. Unbearable insults have long become a daily routine. Black, white and gray are all part of this world. The higher your goal, the greater the resistance. If you want to do something or not do something, it will definitely affect the interests of others. Rumors are the lowest-cost pollutants, but no successful company manages its company with rumors, and no successful company survives on rumors.

They can easily stir up a tornado by just writing down a few names and telling a story, but I need to use my pen as a knife again and again, cut open the stomach, show the heart, and still cannot prove myself. I need to ask the internal audit to investigate all the named employees again and again to find out who Chris is? If you have any evidence of any employee involved in bribery or insider trading, please contact us.

We welcome evidence. Any evidence can bring the bad guys to justice and leave some clean space for the industry.

We welcome criticism; criticism makes us reflect.

Believe in the light, time will have its own answers.