Unusual activity was recently detected at the personal BNB Chain address of Binance co-founder and former CEO Changpeng Zhao, better known as CZ. A large number of memecoins were sent from the wallet to a burn address, prompting speculation across the crypto community.
Crypto blogger Crypto小宇 (老炮) was among the first to highlight the transactions and developed a broader theory about their possible meaning. However, Zhao later responded and explained that the transfers had a far more practical purpose.
What Happened on the Blockchain?
Numerous memecoins had previously been sent to Zhao’s personal address on the BNB Chain network. He later transferred some of the more noticeable tokens to a burn wallet, an address from which assets cannot be recovered.
The blogger interpreted the move as a symbolic gesture showing that Zhao continued to care about Binance users even after stepping down as CEO.
He noted that Binance had grown from zero to nearly 400 million users over nine years and connected the token burn to the idea of a lasting relationship between Zhao and the exchange’s community.
However, this interpretation turned out to be much more dramatic than the actual explanation.
CZ Explains Why He Burned the Tokens
Zhao dismissed the speculation and said there was no deeper meaning behind the transactions.
According to CZ, he had not checked the wallet for some time. When he eventually opened it, he discovered that it contained tens of thousands of different tokens, many of which had likely been sent as spam.
The large number of assets caused the wallet interface to display the balance incorrectly. Zhao said he suggested improvements to the token display system and later tested the updated functionality.
He concluded that transferring unwanted tokens back to his own address would serve no purpose. Instead, he sent them directly to a burn address.
A burn address is a wallet to which no one has access. Tokens sent there are permanently removed from circulation and are generally considered destroyed.
Spam memecoins are frequently sent to the public wallets of prominent crypto figures in an attempt to attract attention or create the appearance of an association. This likely explains how Zhao’s address accumulated tens of thousands of different tokens.
This Was Not the Blogger’s First CZ Theory
This was not the first time Crypto小宇 (老炮) had built a narrative around Zhao and several BNB Chain memecoins.
In early July, the blogger published a promotional post describing $CZ, $TCC and $AB as major projects leading a new memecoin season on BNB Chain.
| Token | Blogger’s Claim | CZ’s Explanation |
|---|---|---|
| $CZ | The token was named after Zhao | It was a spam token |
| $TCC | The project was launched in cooperation with CZ | Zhao said there was no connection |
| $AB | The creator was personally acquainted with Zhao | Zhao said he did not know the developer |
The blogger connected two of the projects directly to Zhao. He claimed that $TCC had launched a new BNB Chain memecoin season through a collaboration with the businessman.
He also suggested that the person behind $AB was personally acquainted with Zhao.
CZ later denied any involvement in the projects. He said he did not own the tokens and had no knowledge of their creators.
Speculation Continues to Follow CZ’s Wallet Activity
Both cases follow a similar pattern. A promotional narrative is built around Zhao’s name and blockchain activity, after which CZ is forced to publicly clarify that he has no connection to the tokens.
The latest burn transactions therefore appear to have been a routine attempt to clean up unwanted spam assets rather than a symbolic move or endorsement of any memecoin project.
