CZ: HL co-founder Jeff was one of the first cohort members of the Binance Labs incubation program, but the project at the time ended in failure

BlockBeats News, October 10th. CZ posted a statement saying that he noticed the ongoing discussion on social media regarding "Hyperliquid co-founder Jeff appearing in a group photo from Binance Labs' 2018 launch." Many people may not be aware that Jeff was one of the members of the first cohort of the YZi Labs incubation program in 2018 (which was Binance Labs at the time). Unfortunately, the project at that time ended in failure, with YZi Labs' investment going to waste, a common occurrence in the venture capital world. At that time, I had little contact with Jeff and had long forgotten about this. A few months ago, I was supposed to have a call with Jeff, but I missed it due to a scheduling error, and since then, I haven't found an opportunity to reschedule.

CZ further stated that YZi Labs did not receive nor hold any investment stake (either equity or tokens) in Hyperliquid.