CZ Clarifies Hyperliquid Co‑Founder Jeff Appearing in Binance Labs 2018 Photo, Confirms No BNB or Equity Stake

CZ acknowledged a social-media discussion highlighting a group photo from the Binance Labs 2018 launch that reportedly included Hyperliquid co-founder Jeff. He confirmed that Jeff participated in the inaugural incubation cohort when the program operated under the YZi Labs name.

CZ noted the related project ultimately did not succeed and that the early venture capital allocation from the incubator was lost—a risk familiar to startup portfolios. He emphasized that such outcomes are part of standard incubation dynamics and funding attrition in early-stage ecosystems.

Regarding personal interactions, CZ said he had limited contact with Jeff, missed a recent rescheduling opportunity, and made clear that YZi Labs held no investment stake—neither equity nor tokens—in Hyperliquid.