Hot on X (Twitter) Today: Binance Boycott, McCormack vs. Wright Case, & More

Binance faces backlash as some X users accuse the exchange of market manipulation and prioritizing its own gains.

Other trending discussions on the platform include:

• The lawsuit settlement between Peter McCormack and Craig Wright, 
• Kristin Smith joining the Solana Policy Institute, 
• Circle’s IPO, 
• Jupiter (JUP) token price analysis.

Scroll down for more on today's trending topics on X.

1. Binance Is Losing Its #1 Status, Says Developer Using Satoshi Nakamoto Pseudonym

A group of X users has posted screenshots of the sharp crashes of altcoins like Act 1 The Prophecy (ACT), DeXe (DEXE), and Guncoin (GUN) on Binance. Many speculate that the price drops weren't due to the usual crypto volatility but rather the result of trading bots and market manipulation.

The developer, known by the pseudonym Satoshi Nakamoto (@s_nakamoto), accused the exchange of exploiting investors through misleading schemes, specifically mentioning Launchpad and Launchpool projects.

@s_nakamoto believes that Binance is on the brink of losing its Tier-1 exchange status. He went so far as to announce that he had withdrawn all his assets from the platform and would no longer trade on the platform.

According to the anonymous user, Binance's CEO and senior management chose to prioritize personal gains over the community's interests and ignored investors’ demands. 

In the final lines of his post, @s_nakamoto called on the community to join the growing Binance boycott movement. Other notable crypto influencers, including BUTCHER, Nihilus and Darky, have also voiced their criticism of the exchange.

Despite the mounting backlash, Binance remains the largest exchange, with a daily trading volume surpassing $16 billion.

2. The 6-Year Lawsuit Between Peter McCormack and Craig Wright Is Finally Over

Podcaster and filmmaker Peter McCormack (@PeterMcCormack on X) announced the end of his defamation lawsuit with Craig Wright, which began in January 2019.

In his announcement, McCormack thanked his legal team and all of his supporters.

Wright, who claims to be Bitcoin's inventor Satoshi Nakamoto,  sued McCormack over tweets and public discussions, calling him a liar, and demanded around $1.1 million in reputational damages.

In 2022, a UK judge ruled that Wright should only receive nominal damages of £1. In a follow-up ruling in December 2022, Wright was ordered to pay all of McCormack's legal costs on an indemnity basis, a significant financial blow to Wright.

However, the case was complex, with appeals from Wright and multiple court rulings. McCormack’s statement confirms that the case was finally resolved in April 2025.

3. MartyParty Talks About Circle's Success and Recent IPO

Crypto commentator and X spaces host MartyParty believes Circle, the company behind the USDC stablecoin, could become one of the world’s most valuable companies in the next 10 years.

MartyParty’s post comes after Circle filed for an IPO (Initial Public Offering), revealing $1.68 billion in revenue and $156 million in profit for 2024.

He argues that Circle will continue to thrive financially due to its low operating costs. Unlike companies like Amazon, which face high expenses for things like leases, staff, and server maintenance, Circle uses public blockchains like Solana and Ethereum to issue its USDC tokens, avoiding those costs.

MartyParty also points out that Circle and Tether, another stablecoin company, are among the most profitable businesses due to their low overhead. If Circle’s IPO succeeds, Tether could follow suit, positioning both companies as major players in the financial world, he predicts.

4. From Blockchain Association to Solana Policy Institute: Kristin Smith’s Next Chapter

Kristin Smith has announced she will step down as CEO of Blockchain Association on May 16, marking the end of an impactful leadership role. Smith reflected on the organization’s growth, noting how it evolved from a small group to a prominent force in the blockchain industry.

“I started as Blockchain Association’s first employee – and we’ve grown from a small group of passionate advocates into a leading force in Washington, D.C., and beyond,” she shared in the announcement.

Blockchain Association’s Board of Directors will now begin the search for Smith's successor to continue the work she helped establish.

Smith’s departure from the CEO role does not mark her exit from the blockchain space. She will begin her new role as President of the Solana Policy Institute on May 19.

5. BulgarianDegen Analyzes JUP Token’s Sharp Decline

According to CoinMarketCap, JUP, the native cryptocurrency of the decentralized exchange Jupiter, is among today’s top losers. At the time of writing, JUP is trading at around $0.40, down 30% in the past week.

Today, JUP hit an all-time low, trading 80% below its record high of $2.04.

Commenting on the dip, @BulgarianDegen suggests that the platform’s approach of not chasing profit and burning tokens contributed to the crash.

The analyst also pointed out that 70-80% of people’s JUP holdings are airdrops, and their average purchase price is below the current market value.

“Nobody here is for technology, for the future, or any utopian world”, @BulgarianDegen concluded, raising concerns about the community's beliefs and motivations.