Binance Founder CZ Decides Against Closing His Crypto Wallet and Donates BNB and This Altcoin! Here’s Why

Changpeng Zhao (CZ), the founder of Binance, the world’s largest cryptocurrency exchange, is making headlines with his statements about cryptocurrency wallets and the transfers he made.

At this point, CZ first recounted his experiences while testing some features of Trust Wallet. He stated that his actions using an open wallet address were often misinterpreted in the industry, and clarified that he would not close his wallet because of the features offered by Trust Wallet.

At this point, CZ stated that memecoin was constantly being sent to his wallet, and complained that he couldn’t even find his $BNB due to the high volume of memecoins.

CZ stated that he even considered closing his wallet for this reason, but added that burning coins and closing the wallet wouldn’t be a solution.

“I was wrong before. Some people pointed out that token hiding is actually a very useful feature, and the Trust Wallet team noticed that too. They told me that Trust Wallet already has this feature, but because the login is quite hidden, it takes 5 clicks to find it. I think they will release updates for this functionality soon.”

With this statement, CZ indicated that he had changed his mind, but his $1 million transfer also attracted attention.

According to OnChainLens, a cryptocurrency analytics platform, CZ transferred approximately $965,000 worth of tokens from a public wallet to Giggle Academy today.

This transfer includes 1,440 Binance Coin ($BNB) worth approximately $872,000 and 182,620 $BNB Life tokens worth approximately $93,000.

As you know, CZ stated the day before that he would donate the remaining $BNB and $BNB Life tokens in the wallet he previously used for Trust Wallet testing to Giggle Academy, and then planned to stop using the address and effectively convert it into a burn address.

*This is not investment advice.