Binance’s CZ Donates 150 BNB to Aid LIBRA Memecoin Scam Victims

Binance’s CZ Donates 150 BNB to Support LIBRA Scam Victims

The collapse of the LIBRA memecoin has left thousands of investors in financial distress. In response to this crisis, Binance’s CEO, Changpeng Zhao (CZ), pledged 150 BNB—worth nearly $100,000—to help those who suffered losses. This generous donation came after a student-led fundraising initiative that inspired CZ to act.

Student-Led Fundraiser Inspires CZ’s Pledge

The LIBRA collapse was a devastating blow to over 40,000 investors who trusted the project. Many saw their investments vanish overnight, triggering widespread outrage and panic. In the face of such financial destruction, a college student named EnHeng took it upon himself to help those affected. EnHeng pledged $50,000 and set up a donation address to support the victims. His effort caught the attention of CZ, who responded with a promise of 150 BNB.

This donation was a crucial gesture of support, bringing hope to those who felt abandoned after the scam. EnHeng’s initiative exemplified how one person can make a difference, even in the face of overwhelming loss. CZ’s contribution followed shortly after EnHeng’s public plea, showing his empathy and support for the crypto community.

CZ Joins Effort to Support LIBRA Victims

EnHeng shared his donation plan on X, explaining how the collapse of LIBRA had left many victims struggling with both emotional and financial burdens. Crypto scams often hit students the hardest, leaving them with limited resources and no way to recover their losses. EnHeng’s fundraiser aimed to provide some relief to those affected by the scam.

Changpeng Zhao, known for his advocacy within the cryptocurrency space, took notice of EnHeng’s efforts. He retweeted EnHeng’s post and pledged his support with a donation of 150 BNB, a gesture worth almost $100,000 at the time.

CZ’s quick action was praised by many within the crypto community. It demonstrated not only his financial backing but also his commitment to helping victims of scams. The donation served as a beacon of hope for those who had lost everything in the LIBRA disaster.

LIBRA Collapse Sparks Political Firestorm

The collapse of LIBRA triggered more than just financial turmoil—it also sparked a political firestorm in Argentina. The LIBRA memecoin had been heavily endorsed by Argentine President Javier Milei, who was a key figure in promoting the coin’s legitimacy. However, when Milei suddenly withdrew his support, the coin’s value plummeted, leading to a market crash.

Hayden Mark Davis, one of the creators of LIBRA, accused President Milei of betraying investors. Davis claimed that Milei’s actions allowed panic selling to occur, causing widespread financial loss. Many in the community speculated that Milei may have profited from the sudden drop in the coin’s value.

The scandal soon became a political issue. Argentine attorneys filed lawsuits, accusing President Milei of fraud, criminal misconduct, and negligence. Political rivals demanded his impeachment, labeling LIBRA as a pump-and-dump scheme designed to deceive investors for personal gain.

Impact on Argentina’s Leadership

The political ramifications of the LIBRA collapse were severe. Public outrage over the scandal led to calls for greater accountability and transparency in cryptocurrency projects, especially those involving public figures. The LIBRA disaster not only shook Argentina’s financial system but also caused a shift in how crypto projects are viewed on a global scale.

CZ’s Donation Brings Hope Amid Chaos

Despite the chaos and political fallout surrounding the LIBRA collapse, CZ’s donation offered some much-needed relief. His quick response to the crisis highlighted his commitment to the crypto community and set a positive example for other industry leaders. For those affected by the scam, CZ’s donation was a sign of support in an otherwise uncertain and challenging time.

As the dust settles, many hope that CZ’s generosity will inspire others in the crypto industry to follow suit and help those who have been impacted by scams like LIBRA. For now, the victims of the LIBRA crash have at least one beacon of hope in their recovery journey.