Changpeng Zhao (CZ), the founder of Binance, has promised to donate 150 BNB, or roughly $100,000, to the victims of the LIBRA memecoin scam as a gesture of support.

CZ’s action came in response to a college student named EnHeng announcing their plan to donate $50,000 and raise additional funds to aid the victims. 

Deeply impacted by the scam’s consequences, EnHeng shared their plan on X, explaining why they had chosen to donate $50,000 and establish a BSC address to accept further donations. They acknowledged that such events, particularly for college students, may be emotionally and financially draining.

After hearing about EnHeng’s efforts, CZ, who is renowned for helping the cryptocurrency community, retweeted the post. He went on to pledge 150 BNB, or almost $100,000 to help support the victims. In his follow-up comment to a tweet by another X user, CZ mentioned that he simply wanted to follow the university student’s example.

The LIBRA memecoin hoax started when Argentine President Javier Milei gave his endorsement, which caused the cryptocurrency’s value to soar. However, the coin’s value quickly fell, resulting in massive losses for thousands of investors. According to reports, the LIBRA scam affected more than 40,000 people and caused losses of up to $4.4 billion.

Following the collapse, President Milei was accused of “betrayal” by Hayden Mark Davis, one of the main figures behind LIBRA. Allegedly, President Milei allowed panic selling by withdrawing support for the memecoin. Argentine attorneys responded by accusing Milei of “fraud,” “criminal association,” and “failure to perform public duties” in connection with LIBRA’s promotion. 

Due to the incident, political tensions have increased, and opposition leaders are demanding that President Milei be impeached. Some claim that his support of LIBRA is a pump-and-dump tactic that manipulates market prices for his own benefit.