Binance founder and CEO Changpeng Zhao (CZ) has responded to recent rumors surrounding a photo from Binance Labs that emerged online. The photo was said to depict CZ, but he clarified in a statement on X, now known as Twitter, that it actually features Jeff Yan, co-founder of Hyperliquid, participating in an early incubation group for his defunct prediction market project, Deaux. YZi Labs, which has since been rebranded as Binance Labs, is no longer actively making investments. CZ’s post further explained that the YZiLabs incubation season 1 cohort in 2018, where Yan was part of the program, led to a failed project and resulted in no investment returns. Although he did have an earlier this year scheduled call with Jeff, it was canceled due to scheduling issues on CZ’s side.