Changpeng Zhao is making a bold claim about his family office’s recent deal-making: the investments YZi Labs made during the darkest stretch of the crypto downturn could end up being its strongest performers.

The Binance founder laid out his reasoning in a Sept. 4 post on X, arguing that deploying capital when prices and sentiment were both near their lows creates the conditions for outsized returns later. “I strongly believe the YZi Labs investments over the last few months will be some of the best performing because those investments were done during the depth of the crypto winter,” he wrote.

It is a forward-looking assertion, not a documented result. Neither Zhao nor YZi Labs has published acquisition prices, current valuations, or…