Binance founder Changpeng Zhao has decided to completely abandon his public wallet after a routine attempt to remove spam tokens triggered a $30 million speculative frenzy. Lookonchain analysts noticed that CZ had burned 4,444 tokens from two third-party projects from his BNB Chain address, which was immediately interpreted as a hidden on-chain signal. The market capitalization of a virtually dead clone coin surged from $40,000 to $30 million, with a price rise exceeding 30,000%, while the legitimate version remained stable. CZ ultimately decided to empty the wallet completely, transfer all legitimate assets to his charitable project Giggle Academy, and turn the address into a burn address. Panic selling has since ensued, and the market capitalization has already collapsed to $5.26 million.
Source: Read the original article
