Changpeng Zhao, the founding father of Binance
$14.16B
, has warned folks to not put money into a brand new meme coin that used his title and picture.
The token, named CZ STATUE, appeared after a fan group shared images of a gold-colored statue they made from him. They even supplied to ship it to him.
Zhao addressed the state of affairs in a submit on X. Whereas he thanked the followers for the statue, he acknowledged he didn’t help the meme coin that got here with it.
Do you know?
Subscribe – We publish new crypto explainer movies each week!
What’s Crypto Arbitrage? (Dangers & Ideas Defined With Animation)
He famous that the meme coin was created solely to benefit from the second and make instantaneous cash, which he mentioned he didn’t approve of.
CZ STATUE noticed its worth rise after launch. It reached a market cap of round $5.10 million by 10:00 AM UTC on October 29. Nevertheless, inside hours, the meme coin misplaced round 86% of its worth.
Blockchain evaluation firm Nansen identified one other concern. A not too long ago created pockets held over 15% of the token provide. This raised doubts about equity and transparency.
When a big portion of a token is held by a single pockets, it typically alerts insider management. Nansen referred to as this a pink flag.
Changpeng Zhao not too long ago denied a information report that his funding firm, YZi Labs, was getting ready to just accept funds from exterior backers. What did he say? Learn the total story.
