Binance founder Changpeng Zhao, also known as CZ, promised to give 150 BNB or approximately $100,000 to LIBRA memecoin fraud victims in a gesture of goodwill.
This occurred after Argentine President Javier Milei offered his endorsement through his tweet on Feb 14, 2025 (which he deleted a few hours later), only to reverse his move by dropping out of supporting the cryptocurrency.
The LIBRA Collapse
The LIBRA memecoin scam had Argentine President Javier Milei hyping up the token, its market cap soaring to $4.5 billion, only to fall by over 90%. Insiders reportedly made away with millions, leaving well over 40,000 investors with sizable losses.
The project had no publication and had been red-flagged by institutions like Bubblemaps on its high-risk signs. The collapse also raised questions about celebrity endorsement of cryptocurrency and raised issues on regulation.
Aftermath: Scandal, Protests, and Calls for Reform
The LIBRA scandal has shaken Argentine politics. President Milei is accused of fraudulently supporting it, and he risks possible impeachment.
Opposition politicians have demanded responsibility while protests erupt in major cities. The incident led to a debate on tighter regulation of cryptocurrency within Argentina.
CZ to the Rescue
CZ’s donation of 150 BNB, or approximately $100,000, followed EnHeng’s move. EnHeng, also a victim of the fraud, vowed to donate $50,000 and started fundraising on X (formerly called Twitter).
CZ retweeted EnHeng’s post and followed up by making his promise. The move served not only to provide financial relief but also to encourage others within the cryptocurrency community to give.
When Umair Nauman tweeted about the act, CZ had this to say, “A University student started it, I just followed.” CZ is popular for philanthropic activities in the crypto space. This is shown through projects like the Binance Charity Foundation and educational programs that encourage blockchain knowledge.
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