- Binance CEO CZ donates 150 BNB ($100,000) to victims of the “LIBRA” scam.
- He reiterates his holdings are primarily BNB and Bitcoin.
- CZ clarifies he didn’t invest in “LIBRA” and prefers long-term impact over short-term gains.
Binance ex CEO, Changpeng Zhao, popularly known as CZ, made waves after he donated 150 BNB, worth $100,000, to help victims of the recent “LIBRA” scam. The donation, first revealed by an X user, was met with positive reaction, with many calling for more industry leaders to follow CZ’s example and provide support during times of crisis.
CZ, however, clarified that a university student first proposed the idea, and he simply followed through. He also emphasized that he had not invested in the “LIBRA” token. “I don’t buy new coins,” CZ stated, highlighting his preference for established cryptocurrencies with proven track records. He cited his “late” entry into Bitcoin at $600 as an example of his long-term investment strategy.
The top exec also revealed his investment approach, emphasizing his focus on long-term impact rather than short-term gains. “I am not short-term opportunistic,” he declared, highlighting his commitment to projects with lasting value. He confirmed that his primary holdings consist of BNB and Bitcoin.
I, of course, did not invest in $libra. I don’t buy new coins. (I got into bitcoin “late”, not when it first came out in 2009. I bought bitcoin at $600) I am not short-term opportunistic. I look for long-term impact. I hold BNB and BTC.
CZ Steps Up, Milei Steps Back
The donation comes at a time when the crypto space is grappling with the aftermath of the “LIBRA” scam, which left many investors with significant losses.
For those new, Argentine President Javier Milei is under investigation for promoting the little-known cryptocurrency, whose price surged and then crashed leading to losses for thousands of investors. As reported by TronWeekly, he then deleted the message and, refused to have any ties to the initiative.
“I was not aware of the details of the project and after having become aware of it I decided not to continue spreading it,” he wrote on his post.
In this regard, CZ’s gesture not only provides support to the victims but also sends a powerful message about the importance of community and responsibility within the cryptocurrency industry.