Binance founder Changpeng Zhao warned investors not to buy a new CZ-themed memecoin after its price crashed 86% within hours of launch.
Binance founder Changpeng “CZ” Zhao warned crypto investors not to buy a new memecoin launched to capitalize on his popularity, cautioning against the financial risks of trading celebrity-linked tokens with no real blockchain utility.
The memecoin emerged shortly after a fan page built a golden statue of Zhao, sharing pictures and offering to send it to the founder of the world’s largest crypto exchange.
Zhao warned users in a Wednesday X post not to buy the memecoin associated with the statue, as the token’s launch signaled that the creators were looking to “make a quick buck off an interaction” with the founder.
