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CZ on donation plan for $Libra rug pull victims: 'I will donate 150BNB'

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CZ on donation plan for $Libra rug pull victims: 'I will donate 150BNB'
Web3/Crypto
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Changpeng Zhao (CZ), Co-founder and former CEO of Binance | Binance

Changpeng Zhao, also known as CZ, co-founder and former CEO of Binance, announced a donation of 150 BNB to assist those impacted by the Argentine $Libra currency incident. The announcement was made on X on February 17.

"Support! I will donate 150BNB," said Zhao. "(about 10w U, based on BNB)"

Zhao's post was in response to an initiative by EnHeng to support victims of the Argentine President's $Libra cryptocurrency incident, which resulted in substantial financial losses for investors. EnHeng pledged $50,000 and is gathering donations via BNB Smart Chain to fund a charity dinner aimed at aiding those affected, with a focus on college students. Zhao later contributed 150 BNB (approximately $100,000) to further support this cause.

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According to Reg Tech Times, Argentine President Javier Milei promoted a cryptocurrency named $Libra, asserting it would enhance the nation's economy. Initially, the currency's value surged, achieving a market capitalization of $4.5 billion before plummeting by nearly 89%, causing significant investor losses. This incident has led to legal complaints and demands for Milei's impeachment, as individuals allege his involvement in fraudulent activities.

Zhao is recognized as the founder and former CEO of Binance, the largest cryptocurrency exchange by trading volume. Born in China and raised in Canada, he previously worked at the Tokyo Stock Exchange and Bloomberg Tradebook before entering the crypto industry. In 2017, he launched Binance and expanded it into a global platform offering trading services, blockchain development, and Web3 infrastructure. He has also supported industry initiatives like BNB Smart Chain and various philanthropic projects.

Founded in 2017 by Changpeng Zhao and Yi He, Binance has grown into one of the world's largest cryptocurrency exchanges by trading volume. The platform provides a comprehensive suite of services including digital asset trading, blockchain development, and Web3 infrastructure solutions. According to their website, Binance is dedicated to fostering innovation and promoting global cryptocurrency adoption.

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