The enmity and grievances between dingaling and Binance CZ.

When CZ tweeted that the well-known NFT Whale, dingaling, founder of boop.fun, is "a former employee who was expelled by Binance due to rat trading" and "fake CRO", the market felt confused in shock while eating melon.

Written by: Cookie, Rhythm

On May 6, when CZ tweeted that the well-known NFT Whale and boop.fun founder dingaling was "a former employee expelled from Binance for rat trading" and "fake CRO," the market felt confused amid the shock of the gossip. Because, just about 6 hours before CZ sent out this tweet, Binance Alpha had just announced the launch of the boop.fun platform coin $BOOP and had airdropped it to users who met the Alpha points criteria.

It seems that things have come to an end, but it also seems that they have not. After CZ's "face-to-face attack", dingaling did not respond to CZ's merciless tweet, but he also did not change his Twitter profile. This can be seen as a form of "silent retaliation."

Why did CZ do this? And why did dingaling not respond directly? Let's start by reviewing the mystery of dingaling's identity to try to find possible answers to these questions.

Who is dingaling?

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

In just the first week of April 2021, dingaling spent around $350,000 on NBA Top Shot NFTs. He became famous for purchasing and collecting a large number of rare NBA Top Shot NFTs, and it could even be said that he is one of the earliest known NFT Whales.

This is a Reddit post from 4 years ago, "If it weren't for whales like dingaling, NBA Top Shot is no different from the cards that our parents collected and kept since childhood."

One of the reasons why dingaling is revered by many NFT players in the subsequent NFT bull market is precisely for this. He is very generous when buying NFTs, and for NFTs with poor liquidity, dingaling's purchases mean that many NFT players' orders can be filled in an instant.

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

After a year and a half, the topic "Who is dingaling" was officially ignited by a tweet from @NFTethics. At this time, dingaling already owned over 100 BAYC, 70 Azuki, and was the top bidder at the Azuki gold skateboard auction with a bid of 309 ETH.

The conclusion of @NFTehics is that dingaling is an "absolute senior executive of Binance" named Dinghua Xiao. In the early days, the Twitter account @DinghuaXiao existed and some tweets related to Binance can still be found, showing interactions between Binance users and this account. In these interactions, the current Twitter handle of dingaling, @dingalingts, can even be seen.

And if dingaling is indeed Dinghua Xiao, then he is not only an executive at Binance, but also a shareholder of West Realm Shires Inc, the joint venture entity founded by CZ and SBF.

In 2024, in the relevant litigation of the FTX bankruptcy case, Dinghua Xiao, along with CZ and Samuel Wenjun Lim (林文俊, who was mentioned in the documents as the compliance officer of Binance from 2018 to 2022), became co-defendants. They were listed as defendants for being accused of participating in "fraudulent share buyback transactions" in 2021 and for creating a run on effect through false statements prior to the collapse of FTX, facing multiple civil compensation and restitution claims.

Although in the litigation documents, Dinghua Xiao worked at Binance and its multiple subsidiaries from 2017 to September 2019, the purchase of shares in West Realm Shires Inc. took place on February 28, 2020.

About an hour after the tweet from @NFTethics, dingaling retaliated on Twitter. He stated that he is Australian and a former Binance employee, and accused @NFTethics of "groundless and random speculation and doxxing."

Actually, in the half month before the launch of @NFTethics, @maid_crypto mentioned the identity of dingaling in a tweet, "Founder of Pancake and LooksRare."

Despite this, for a long time, dingaling's background as a Binance employee was unknown to most people. After he updated his Twitter profile and sparked discussions, even one of the biggest NFT KOLs, @waleswoosh, stated that he was not aware of dingaling's past experience at Binance.

CZ's Rise and dingaling's Silence

This might be a confusing point for everyone—why has Binance Alpha already been launched, the airdrop has been distributed, and CZ still has to say dingaling? Why doesn't dingaling retaliate like it did against @NFTethics three years ago?

CZ's motivation for his actions may stem from two aspects: one is the potentially negative impact of dingaling's actions on Binance's compliance, and the other may involve some personal matters between him and dingaling.

For a long time, it cannot be said that dingaling deliberately downplays his past background with Binance, but he has also almost never mentioned it proactively. Shortly before the launch of boop.fun, he changed his Twitter bio to "Building boop.fun, former Binance CRO and PancakeSwap founder."

As an NFT Whale, dingaling does not need the background of Binance, and this background may even have a negative impact. However, as the founder of boop.fun, this identity can help in marketing. You might ask why it wasn't mentioned during the LooksRare period? Because LooksRare stated at that time that it was an anonymous team, while boop.fun is "entrepreneurship with real names."

Regarding the private matters between both parties, CZ publicly stated that "dingaling was expelled due to rat trading," which seems to be a reason worth getting angry about — causing harm to the company. However, when we look through the tweets in the English-speaking community, we will see some interesting comments.

There are many stories between CZ and dingaling. I can only say that if CZ speaks ill of dingaling, I wouldn't be surprised because this isn't the first time dingaling has been taken advantage of by CZ. Everyone knows what CZ did to the founders of PancakeSwap.

Theoretically speaking, CZ is right. Dingaling's position is to study the leaders (de facto CRO), and he has indeed been investigated and faced millions of dollars in fines due to "rat trading". The situation with this "rat trading" is that Dingaling bought a bunch of $CAKE himself, but requested a revenue share from PancakeSwap, which angered CZ and Ted Lin (former Binance CGO).

Dingaling's non-retaliation is because, as a project party, he needs Binance to make his project more successful.

In fact, he also retaliated; not modifying his Twitter bio is a form of silent retaliation.

Grudges and grievances, rights and wrongs, only the parties involved truly know all the details. I hope this article's sorting of the "Grievances in the Cryptocurrency World" can provide everyone with a good experience of watching the drama unfold.