Emre Yumlu 
Binance founder Changpeng Zhao (CZ) donates 150 BNB (approximately $100,000) in support of LIBRA memecoin scam victims.
CZ Donates 150 BNB to LIBRA Scam Victims
Binance founder Changpeng Zhao (CZ) announced he would donate 150 BNB, approximately $100,000, to support the victims of the LIBRA memecoin scam. The donation came after university student EnHeng pledged $50,000 and started a fundraising campaign.
EnHeng’s Initiative Inspires CZ
EnHeng, a university student heavily affected by the scam, shared their $50,000 contribution and created a Binance Smart Chain (BSC) address for additional donations on X. They acknowledged the emotional and financial toll these scams have on young investors, especially students, many of whom were left financially devastated by the unexpected losses.
CZ, known for his philanthropic efforts in the crypto community, retweeted EnHeng’s post and donated 150 BNB. In a subsequent tweet, CZ expressed that he was moved by the student’s generosity and simply wanted to follow their lead. This gesture significantly boosted the relief efforts and encouraged others in the crypto community to contribute as well.
The LIBRA Memecoin Scam and Its Consequences
The LIBRA memecoin scandal erupted following the endorsement of Argentine President Javier Milei, which caused the cryptocurrency’s value to spike. However, the coin’s value plummeted shortly thereafter, leading to substantial investor losses. Reports suggest that more than 40,000 investors lost a total of $4.4 billion. The collapse was sudden, and most investors were unable to recover their funds.
Legal and Political Consequences
Following the collapse of the coin, one of LIBRA’s main figures, Hayden Mark Davis, accused President Milei of “betrayal,” alleging that he allowed panic selling by withdrawing his support. Argentine lawyers later charged Milei with “fraud,” “criminal association,” and “failure to fulfill public duties” for his involvement in the incident. These accusations have prompted a tightening of cryptocurrency regulations in Argentina.
The scandal has further ignited Argentina’s political turmoil, with opposition leaders calling for Milei’s impeachment. Critics claim that his endorsement of LIBRA was part of a pump-and-dump scheme designed to manipulate the market for personal gain. Protests have erupted in major cities, demanding accountability from government officials.
CZ’s actions represent a positive turn in the ongoing crisis, providing financial relief to some of the scam victims. The crypto community has responded positively, and discussions about enhancing investor protections within decentralized finance (DeFi) are gaining momentum.
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