CZ Donates 150 BNB to Libra Scam Victims—Ends Up With More Than He Gave

What began as a goodwill gesture by Binance founder Changpeng Zhao ( CZ ) to assist the LIBRA meme coin scam’s victims took on unexpected form when Zhao received more crypto than he had initially donated. &nbsp,

On Tuesday, Zhao pledged 150 BNB—worth around$ 100, 000—to help those affected by the decline of the questionable LIBRA gold after a university student, EnHeng, began raising funds to assist the patients. &nbsp,

However, Zhao’s choice to make his donation address known in public resulted in an increase in more crypto, far exceeding his first contribution.

EnHeng, moved by the devastating losses caused by Argentina President Javier Milei–promoted LIBRA crypto, which wiped out more than 40, 000 investors and resulted in over$ 4 billion in damages, announced their own donation of$ 50, 000. &nbsp,

” When you try to make fast money, you usually lose”, Zhao quipped on X. ” When you give money away, you get more back”.

Zhao made it clear that he would not keep any of the extra money despite the increased gifts. &nbsp,

In his post, Zhao stated,” I won’t get keeping a satoshi of it,” adding that he would donate the excess crypto to help victims, particularly those who have been affected by TST and Broccoli, which were both influenced by CZ’s pet dog.

Zhao also cautioned his adherents against misinterpreting his actions as an endorsement of the relevant symbols.

A National Endorsement Causes Financial Chaos in The LIBRA Scam

The LIBRA token’s release last Friday sparked controversy when Brazilian President Javier Milei officially endorsed it on his X bill. &nbsp,

The coin’s value increased as a result of the promotion, which had a market cap of more than$ 4 billion within its first few hours. &nbsp,

Milei first compared LIBRA to the” Viva La Libertad” program as a way to raise money for small Argentine companies and improve the country’s economy. &nbsp,

But the pleasure was short-lived. Just hours later, the gift crashed by over 91 %, causing large losses for investors—with some losing their life savings.

Milei deleted his post and canceled any participation with the job after the coin went down, alleging that he had been misled and unaware of the entire details of the project.

Milei and the group behind the token were charged with being responsible in a large-scale scam program. &nbsp,

On-chain study showed that a single object controlled 82 % of LIBRA’s source, fueling concerns about business manipulation.

Programs such as Jupiter and Meteora, which provided technical assistance for LIBRA, are under fireplace, with Meteora’s co-founder Ben Chow resigning amid claims of insider trading and wrongdoing following the token’s decline.