Changpeng Zhao, the founder of the world's largest cryptocurrency exchange Binance, donated $100,000 worth of BNB BNB/USD tokens on Tuesday to a fundraiser aiding victims of the LIBRA memecoin scam.
What Happened: Zhao, popularly known as CZ, revealed donating 150 BNB to a university student who had already contributed $50,000 of his own funds to assist the victims.
The student, who happens to be a BNB investor, shared a wallet address to receive the donations. As of this writing, the wallet has received over $108,000 in BNB.
Interestingly, CZ shared details of his own address, showing that he received more BNB than he donated away to the student.
“I won’t be keeping a Satoshi of it. Will donate it away, most likely to people who had a loss on TST or some of the Broccolis,” CZ said, referring to the plethora of meme coins bearing his dog’s name, "Broccoli."
See Also: US Could Sell Its Gold To Set Up Potential Bitcoin Reserve, Says Bernstein: Will It Ignite A ‘Global Race’ To Buy BTC?
Why It Matters: Zhao’s donation comes in the wake of an ongoing controversy surrounding the botched-up launch of LIBRA meme coin by Argentine President Javier Milei. The president faces calls for impeachment and criminal proceedings against him.
In his defense, Milei said that he never promoted the coin and anyone who invested in the coin did so voluntarily, according to a CNN report. “The reality is if you go to the casino and lose money, I mean, what is the claim if you knew that it had those characteristics?"
Price Action: At the time of writing, LIBRA was exchanging hands at $0.2681, crashing 23% in the last 24 hours, according to CoinMarketCap. It was down over 74% from its peak.
Benzinga's Take: As the LIBRA saga illustrates, investing in meme coins and cryptocurrencies can be highly speculative at times and involve significant risk. Some Meme coins lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading. Prices can be extremely volatile and can lead to loss of investments.
Photo by Igor Faun on Shutterstock
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