CZ received more cryptocurrency than he initially provided after pledging 150 BNB to help LIBRA victims.
Binance creator Changpeng Zhao’s (CZ) address has received more cryptocurrency than he first gave out after contributing to LIBRA investors who lost billions when the meme token fell. The former CEO committed to contributing all excess money to pay TST and BROCCOLI victims.
On Tuesday, Zhao gave 150 BNB, or around $100,000, through his official X account to help people affected by the repercussions from LIBRA, a contentious token that caused thousands of investors to suffer significant losses.
His gift came in the wake of news from a college student named EnHeng, who had started soliciting donations to help victims on February 15. EnHeng stated that he was extremely saddened by the damage caused by the token’s fall and vowed to donate $50,000 of his own money to the cause.
Reprieve for LIBRA damages
“All victims will receive this relief, with university students receiving priority. This is more than simply a meal; it is a transmission of hope. We hope that everyone would join us in this noble cause of supporting people in need and giving them greater bravery and strength,” stated EnHeng, explaining why they chose to assist LIBRA victims.
Investors hurried to markets to acquire LIBRA when Argentine President Javier Milei “shared” the token on X, resulting in a two-month high spike in its value. Its market value also increased to more than $4 billion within hours after Milei’s statement, which described the project as a method to promote small businesses in Argentina and linked it to his “Viva La Libertad” program.
Hours thereafter, Milei removed the promotional message, sending LIBRA’s value plummeting by more than 91%, wiping away the stakes of over 40,000 investors. Some victims said they lost their life savings and college tuition.
The Argentine leader is now facing many lawsuits and calls for impeachment, and he has been pleading his case, claiming that he was deceived and was uninformed of the entire information.
CZ Receives Crypto Flood After Releasing the Crypto Address
Zhao publicly posted a BSCScan transaction record, which included the address he used to contribute the 150 BNB. Netizens took up the wallet and, on the last day, started transferring digital tokens, which Zhao claims are more than he gave away.
“When you try to make quick money, you usually lose. Giving money out yields greater returns. I donated 150 BNB to a university student who contributed $50,000 of his own money to assist LIBRA sufferers. Now, the address has gotten more BNB than I gave out. And more in tokens. I will not keep a satoshi of it. “Will give it away,” he wrote on X.
According to BSCScan, Zhao’s address presently possesses more than $748,000 in digital assets, including 10.07 million CZ’s DOG (BROCCOLI) tokens.
Memecoin TST debuted shortly after CZ started a test token for the educational endeavor. The coin first soared because of community confidence based on ties to Zhao. However, it has already lost more than 85% of its worth.
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