Binance Founder Zhao Cleans Up Spam Tokens Worth $1.6 Million

Binance founder Changpeng Zhao has denied rumors that he was secretly supporting meme coins built on BNB Chain, stating that recent transactions from his public address were simply a routine technical cleanup.

A series of large transfers worth $1.6 million in third-party tokens, including 400 million units of a token, were sent to a burn address from CZ's known wallet.

The crypto community began speculating about market manipulation, but CZ clarified on X that he was getting rid of 'digital garbage', which included spam tokens sent to his address by creators of third-party projects in an attempt to secure free publicity.

This mechanism is a classic marketing trick where well-known public wallets belonging to industry leaders are targeted with spam tokens. The same story has repeated itself, as seen in the case of Shiba Inu (SHIB), which sent half its total supply to Vitalik Buterin without his consent in 2021.

CZ has manually destroyed more than $6.24 million worth of third-party spam tokens over the past year, including batches worth $43,490, $142,500, and $305,870 in three separate transactions eight months ago.