Binance founder CZ explains how $1.6 million in tokens were destroyed from public wallets

Binance founder Zhao Changpeng clarified: Wallet transfers are to clean up junk tokens and do not support the Meme coin project.

Binance founder Zhao Changpeng denied the claim that recent wallet transfers support Meme coins, saying that these operations are just a routine cleanup of junk tokens and have nothing to do with support. According to Arkham data, blockchain records show that Zhao Changpeng has destroyed more than $6.24 million in unsolicited third-party tokens in multiple cleanups.

Junk token activities usually target high-profile wallets, and Zhao Changpeng said that these unsolicited assets will eventually be sent to the destruction address without receiving any endorsement or exposure.

Zhao Changpeng responded: Transfer is to clean up junk tokens accumulated over the years.

Zhao Changpeng, founder of Binance, denied the claim that he secretly supported the Meme coin project on the BNB chain, saying that the recent transfer in his public wallet was just a routine cleanup of unsolicited tokens.

According to Zhao Changpeng's social media post, these transactions involve third-party assets accumulated in his address over the years. He explained that developers often send tokens to his public wallet without permission, hoping to gain the attention of one of the industry's most well-known figures.

The on-chain tracker recently detected that approximately 400 million third-party tokens (worth approximately US$1.6 million) were transferred from Zhao Changpeng's wallet to a destruction address. This transfer triggered speculation that he was secretly supporting certain Meme coin projects.

However, Zhao Changpeng denied this interpretation. He said the tokens were nothing more than digital junk, and explained that the growing number of unsolicited assets prevented his wallet interface from displaying balances properly. Therefore, he decided to remove these unnecessary positions through another cleanup transaction.

Junk token promotion targets high-profile wallets

Zhao Changpeng pointed out that sending unsolicited tokens to public wallets has become a long-term marketing strategy in the cryptocurrency industry. Developers often transfer assets to well-known blockchain addresses, hoping that traders will notice these activities and become interested in their projects.

This strategy attracted widespread attention in 2021, when the founders of Shiba Inu transferred half of the total supply of tokens to Ethereum co-founder Vitalik Buterin without his consent. This unexpected shift attracted a lot of attention in the crypto market.

In addition, Buterin later destroyed approximately 90% of the tokens received and donated the rest to charity. He also urged developers to stop using his wallet for promotional activities, arguing it was meaningless.

Zhao Changpeng said that his public wallet has been facing the same problem for many years. He added that unsolicited tokens accumulate regularly, forcing him to remove them when they interfere with normal wallet management.

Blockchain records show similar cleanup history

According to Arkham's online data, Zhao Changpeng has conducted multiple similar cleanup transactions in the past year. History shows that he repeatedly moved unsolicited assets from his wallet to a destruction address rather than conducting transactions or distributing them.

About eight months ago, Zhao Changpeng destroyed three batches of junk tokens worth approximately US$43,490, US$142,500 and US$305,870. In addition, blockchain data also shows that there were four larger destruction transactions about a year ago involving assets worth approximately $358,220,$1.95 million,$546,900 and $1.1 million, respectively.

These transactions brought the total value of third-party tokens destroyed by Zhao Changpeng in the past year to more than US$6.24 million. Repeated transfers indicate that the latest transactions follow an established pattern rather than represent a new investment strategy.

Zhao Changpeng also said that sending unsolicited tokens to his address is actually equivalent to sending them into a "black hole." He explained that any unsolicited assets that reach his wallet will eventually be destroyed, invalidating this promotion strategy.

Conclusion

The latest destruction transaction reflects a routine junk token cleanup rather than support for the Memecoin project. Zhao Changpeng's explanation and historical blockchain records show that his public wallet has repeatedly been the target of token promotion activities, and these assets eventually entered the destruction address without receiving any public endorsement.