Binance Co-Founder CZ To Donate Funds to Test (TST) and BROCCOLI Victims

Binance CEO Changpeng Zhao pledged to compensate victims of the manipulated TST and BROCCOLI token crashes, both of which resulted from pump-and-dump schemes.

These tokens, linked indirectly to CZ through promotional activity and community engagement, plummeted by 60-80% from their peak values within a week, causing substantial losses for numerous investors.

CZ to Donate to TST and BROCCOLI Victims

CZ’s promotion of his dog, Broccoli, started the crisis. This unintentionally fueled the creation and subsequent speculative trading of several BROCCOLI-branded tokens. BROCCOLI’s price initially surged 160% but then plummeted 75%, causing many investors significant financial losses from FOMO.

Similarly, including a Test (TST) token in an educational video about BNB Chain also led to a surge in trading activity for a memecoin under the same name, which subsequently experienced a 52% price drop.

Significantly, the donation address subsequently received additional BNB and other tokens, all of which CZ publicly stated would be redirected towards those who suffered losses from TST and BROCCOLI.

His message on the X platform clearly emphasized this commitment while simultaneously disavowing any endorsement of the affected tokens.

“I won’t be keeping a satoshi of it. Will donate it away, most likely to people who had a loss on TST or some of the Broccolis. This is NOT an endorsement for any of the tokens. Do NOT overinterpret this,” CZ stated.

Javier Milei Possible Impeachment

CZ expressed his encouragement and sent 150 BNB (approximately $100,000) to a university student. The student had already allocated $50,000 of their funds to help victims of the LIBRA project. CZ noted the student previously made substantial gains investing in BNB.

Meanwhile, opposition lawmakers are demanding Argentine President Javier Milei’s impeachment after he endorsed the now-collapsed Libra cryptocurrency project, which analysts called an insider scam.

This endorsement quickly spurred a significant surge in the memecoin’s market capitalization, reaching $4.5 billion. However, the surge proved short-lived; the token’s value plummeted overnight, wiping out over $4 billion in market value. Currently, the memecoin boasts a market cap of $76.5 million.

The sudden crash sent shockwaves through the crypto community, and speculation quickly arose that market manipulation caused the devaluation. The resulting outcry sparked a national debate in Argentina about cryptocurrency regulation and the appropriateness of government officials endorsing digital assets.