Binance’s CZ Clarifies 2018 Photo: Hyperliquid Co-Founder Jeff Joined YZi Labs Incubator — Project Failed, No Binance Labs Stake

According to COINOTAG on October 10, He Yi invited applications to the YZi Labs incubator, signaling a concerted effort to support projects positioned as competitors to Binance. The announcement emphasizes open applications for early-stage crypto teams seeking incubation and mentorship.

CZ observed social-media discussion regarding Hyperliquid co‑founder Jeff appearing in a 2018 Binance Labs group photo; available records show Jeff participated in YZi Labs’ (then Binance Labs) first‑phase incubation that year. That project ultimately failed and the related YZi Labs investment was written off, a recognised outcome within venture capital.

CZ also confirmed limited historical contact with Jeff, a missed scheduling attempt to reconnect, and explicitly stated that YZi Labs does not hold any equity or token stake in Hyperliquid, clarifying current investment status.