6 days ago
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Binance founder Changpeng Zhao has announced plans to donate additional funds to victims of TST and BROCCOLI memecoins, adding to his previous donation to LIBRA victims.
After receiving more Binance Coin (BNB) than he originally donated to victims of the LIBRA token collapse, CZ disclosed on Feb. 19 that he will donate more funds to investors who lost money on TST and BROCCOLI memes.
CZ had previously given 150 BNB, or roughly $100,000, to help those impacted by the LIBRA token’s failure. This was after being inspired by a university student who donated $50,000 of their funds to help the victims.
But shortly after making his payment, CZ’s wallet was credited with more BNB and other tokens than he had donated at first. Recognizing the sudden surge, CZ said he would give the money to other impacted people rather than keeping it for himself. “I won’t be keeping a satoshi of it,” he posted on X, pledging to donate to victims who lost money on BROCCOLI and TST memecoins.
Funny things in crypto. 🤷♂️
When you try to make quick money, you often lose.
When you give money away, you get more back.
I donated 150 BNB (~$100,000 USD) to a university student who put up $50,000 of his own money to help Libra victims. (This student seems to have made good… https://t.co/0KbkiGZcYt pic.twitter.com/VRJmgIV5Uf
The LIBRA token controversy unfolded when Argentine President Javier Milei promoted on X, causing its value to soar. Nevertheless, investors suffered massive losses as the token abruptly crashed. It has been reported that around 40,000 people were affected. BROCCOLI and TST, on the other hand, were directly linked to CZ’s online persona.
After he mentioned a test token in an instructional post, a speculative meme currency called TST was created. TST has subsequently lost more than half of its value, resulting in huge losses for investors.
Likewise, tokens that were named after his dog, Broccoli, had dramatic price drops after rapid price surges. Following these recent controversies, CZ has stepped up his participation in community-driven recovery efforts.
Though CZ resigned as CEO of Binance, he continues to wield significant influence in the cryptocurrency space. His ongoing contributions demonstrate the uncertainty of the memecoin markets, which have led to millions of dollars in losses in recent weeks.
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