Binance founder Changpeng Zhao (CZ) has pledged to donate 150 BNB (approximately $100,000) to the victims of Libra Memecoin Scam as a support gesture.
CZ's actions came in response to a university student named Engeng, who has announced plans to donate $50,000 and raise additional funds to support the victims.
Heavily influenced by the consequences of the scam, Entheng shared his plan on X, giving $50,000 and explains why he chose to establish a BSC address to accept further contributions. They acknowledged that such events could be emotionally and financially draining, especially for university students.
After hearing about Engeng's efforts, CZ, famous for supporting the cryptocurrency community, retweeted the post. He pledged 150 BNB, or nearly $100,000 to help the victim. In his follow-up comment on a tweet by another X user, CZ said he wanted him to simply follow the example of a college student.
https://twitter.com/cz_binance/status/1891406276984177114?s=46&t = nznxks3debx8jihnzhmzw
The Libra Memecoin hoax began when Argentinean President Javier Milei gave his support. However, the value of the coin quickly fell, causing major losses to thousands of investors. Reports say the Libra scam affected more than 40,000 people, causing losses of up to $4.4 billion.
After the collapse, President Miley was accused of “betrayal” by Hayden Mark Davis, one of the main figures behind Libra. President Milei reportedly allowed panic sales by withdrawing Memecoin's support. Argentine lawyers responded by accusing Milei of “failing to perform his official duties” in connection with the promotion of “fraud,” “crime associations,” and Libra.
The incident has led to political tensions rising, and opposition leaders are demanding that President Mairay be fired each. Some argue that his support for Libra is a pump and dump tactic that manipulates market prices for his own profits.
