CZ wallet receives more than he donated towards LIBRA victims

After donating to LIBRA investors who lost billions when the meme token plummeted, Binance founder Changpeng Zhao’s (CZ) address has received more crypto than he initally handed away. The ex-CEO promised to donate all the additional funds to reimburse TST and BROCCOLI victims.

On Tuesday, through his official X account, Zhao pledged 150 BNB, worth approximately $100,000, to support those impacted by the fallout from LIBRA, a controversial token that left thousands of investors with heavy losses. 

His donation came on the backdrop of news from a college student, going by the name EnHeng, who had began raising funds to assist victims on February 15. EnHeng said he was deeply moved by the devastation caused by the token’s collapse, and promised to contribute $50,000 of his own money to the cause.

Reprieve for LIBRA losses

“This aid is aimed at all victims, with priority given to university students. This is not just a meal but a conveyance of hope. We hope everyone can join this great cause, helping those in distress, giving them more courage and strength,” wrote EnHeng, explaining why they decided to help LIBRA victims.

Investors had flocked to markets to buy LIBRA when Argentine President Javier Milei “shared” the token on X, which led to a two-month high surge in its value. Its market capitalization also rose to over $4 billion within hours of Milei’s message, who coined the project as a way to support small businesses in Argentina, linking it to his “Viva La Libertad” initiative.

Hours later, Milei took down the promotional post and sent LIBRA’s value spiraling downwards by over 91%, wiping out the holdings of more than 40,000 investors. Some victims reported losing their life savings and college tuition fees. 

The Argentine leader is now facing several lawsuits and calls for impeachment and has been pleading his case, saying he had been misled and was unaware of its full details.

CZ receives crypto influx after revealing crypto address

After he successfully sent the 150 BNB, Zhao publicly shared a BSCScan transaction report, which contained the address he used to donate the assets. Netizens picked up the wallet and in the last day, have been sending digital tokens, which Zhao says are more than he gave away.

“When you try to make quick money, you often lose. When you give money away, you get more back. I donated 150 BNB to a university student who put up $50,000 of his own money to help LIBRA victims. Now, the address received more BNB than I donated away. And more in tokens. I won’t be keeping a satoshi of it. Will donate it away,” he wrote on X.

According to BSCScan, Zhao’s address currently holds over $748,000 worth of digital assets, including 10.07 million CZ’s DOG (BROCCOLI) tokens.

Memecoin TST launched soon after CZ mentioned a test token for the educational initiative. The token initially surged from the community optimism based on links to Zhao. However, it has since lost more than 85% of its value.

A week later, a meme token named after Zhao’s dog, Broccoli, was launched. The same trend as the TST took effect. After an initial surge, the tokens declined by 80% to reach an all-time low value of $0.04272 on Wednesday.

The ex-Binance CEO vowed to donate every bit of the influx to beyond LIBRA victims, particularly those affected by the TST and BROCCOLI meme coins rapid price falls.

Concluding his post, Zhao clarified that his involvement with these tokens should not be interpreted as an endorsement. He refuted the rumors of “direct links” fueled by the accumulation of crypto assets in his wallet, reiterating that he would not personally benefit from the situation and would redirect all the funds to charitable causes.

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