17-2-2025 – Binance founder Changpeng Zhao, widely known as CZ, has announced a donation of 150 BNB (approximately $100,000) to support victims of the controversial LIBRA memecoin collapse.
The gesture was inspired by a college student, EnHeng, who first stepped forward with a pledge of $50,000 and established a donation channel on the Binance Smart Chain network to assist affected investors.
Taking to social media platform X, EnHeng expressed deep concern over the financial devastation caused by the scam, particularly highlighting its impact on fellow university students. The student’s compassionate initiative caught the attention of CZ, who promptly matched and exceeded the initial contribution.
“We’re simply following this university student’s lead,” CZ remarked in response to community feedback, emphasising the grassroots nature of the relief effort.
The LIBRA cryptocurrency scandal erupted following an endorsement from Argentine President Javier Milei, which triggered a dramatic surge in the token’s value. However, the subsequent collapse has reportedly affected more than 40,000 investors, with losses estimated at $4.4 billion.
The fallout has sparked significant political turmoil in Argentina, where Hayden Mark Davis, a key LIBRA figure, has accused President Milei of “betrayal” following the withdrawal of his support. Legal proceedings have been initiated, with Argentine lawyers filing charges against the president for alleged fraud and dereliction of public duty.
Opposition leaders have intensified calls for President Milei’s impeachment, suggesting his involvement in the LIBRA promotion constituted a deliberate market manipulation scheme. The controversy has cast a shadow over his presidency and raised questions about political figures’ involvement in cryptocurrency endorsements.
