Former Binance CEO Changpeng ‘CZ’ Zhao recently executed a burn of about $490,000 worth of memecoins from his public donation wallet on Sunday. On-chain activity shows that tokens, including quq, worth ~$305K, SIREN worth ~$142K, and BNBCARD of ~$43K were sent to a burn address by the wallet tied to CZ’s donation address. This purge marks the first significant disposal of unsolicited memecoins from the wallet in seven months.
In a post on X, CZ warned followers that “please do not send tokens to that address anymore,” referencing previous incidents where high-value memecoin donations went unused or burned. When netizens informed him that he had ‘literally burned 99.9% of a token’ he said that he ‘had no idea’ that his action had caused that, calling it a mere clean up exercise on his part.
While some praised the move as cleaning up spam, others questioned what this meant for the broader memecoin ecosystem. The burn specifically impacted quq, SIREN and BNBCARD and removed roughly half a million dollars from circulation. Analysts speculate this may be a precursor to broader actions, potentially future token burns or sales of memecoins accumulated in donation wallets. CZ’s own message hinted at possible future sell-offs of memecoins beyond just burns.
Not just wallet cleanup, follower removed too
While the token burns were one part of CZ’s clean-up act, he followed that up by unfollowing many accounts on X the next day. When people noticed that many accounts that he had previously followed were unfollowed, they wondered what was going on. CZ responded to these tweets saying, “I unfollow mostly inactive accounts once in a while.”
In another tweet he explained that he “follows accounts “randomly”, usually supportive, informative, positive energy people.” He also cautioned users that a follow by him does not equal his endorsement.