Binance Founder CZ to Donate to TST and BROCCOLI Victims

Binance founder Changpeng Zhao (CZ) has recently landed in the middle of the meme coin frenzy by building hype around his dog name BROCCOLI, which led to the creation of several meme coins under this name thereby triggering a major pump and dump.

Binance founder Changpeng Zhao (CZ) has announced plans to compensate victims of the TST and BROCCOLI tokens, which faced a massive pump and dump last week. Both tokens, which have links to CZ, plummeted 60-80% from their peak during the pump and dump, sparking market panic.

Binance Founder CZ to Donate to TST and BROCCOLI Victims

Changpeng Zhao (CZ), the founder of Binance, recently became embroiled in the meme coin mania by hyping his dog's name, BROCCOLI, leading to the creation of multiple meme coins under that name and a massive pump and dump.

While the meme coin CZ's Dog BROCCOLI initially surged 160% at launch, the token crashed more than 75% from the top, causing a large number of investors to lose money in FOMO.

CZ has now decided to do some damage control by helping the victims of these meme coins. On Tuesday, the Binance founder donated a total of 150 BNB, worth around $100,000, to a university student who had already contributed $50,000 of his own funds to help victims of the Libra project. CZ also noted that this student appeared to have made substantial gains from BNB investments.

notably, the address where Zhao sent his donation has since received more BNB than his initial contribution, along with other tokens. He stated that he wouldn't keep any of these funds and would instead donate them to people who lost money on the TST token or some of the BROCCOLI meme coins. In his message on the X platform, the Binance founder wrote:

“I won’t be keeping a satoshi of it. Will donate it away, most likely to people who had a loss on TST or some of the Broccolis. This is NOT an endorsement for any of the tokens. Do NOT overinterpret this.”

“When you try to make quick money, you often lose. When you give money away, you get more back,” he added.

Caught in the Meme Coin Frenzy

The Binance founder found himself at the center of a meme coin frenzy last week after he included a Test (TST) token in an educational video on BNB Chain as an example, which led to the creation of the TST meme coin and massive trading activity. However, Zhao has completely distanced himself from this development. The TST price is down more than 52% over the past week, with daily trading volumes increasing 48% to more than $205 million.

Zhao also shared his recent thoughts on the pump and dump in LIBRA tokens, which were endorsed by Argentinian President Javier Milei. In his post, CZ highlighted the need for caution by industry figures with influential online profiles when endorsing tokens, as the tokenomics of any asset largely determines its overall value and sustainability.