Zhao Changpeng, the founder of Binance, has stepped in with a substantial commitment to aid Argentine students affected by the sudden collapse of the LIBRA token.
In an effort to alleviate the financial burdens caused by the collapse and to support EnHeng’s charitable initiative, CZ, as he is commonly known, responded,
“Support! I will donate 150BNB (about 10w U, based on BNB). DM you.”
He has pledged 150 BNB, valued at around $100,000.
This gesture adds to the $50,000 already donated by EnHeng, a prominent encrypted KOL, to establish a relief fund aimed at supporting those who invested in the token.
The LIBRA token, which was recently endorsed by Argentine President Javier Milei, surged in value upon his public promotion.
However, within hours, it plunged by 95%, leaving many investors, particularly students, facing heavy losses.
Critics have been quick to suggest market manipulation, with some calling the incident a “rug pull” due to its rapid crash following Milei's backing.
In response to the devastation, Binance’s founder stepped forward with his generous pledge, backing the charitable initiative led by EnHeng.
The focus is on providing financial relief to student victims who were influenced by the token's sudden rise and fall.
Explaining the motivation behind his own $50,000 donation, EnHeng wrote,
“As a college student, I know the feeling of this blow.”
Translation:
Today, the Argentine President's Rug currency incident hurt many people. As a college student, I know the feeling of this blow. In order to help the friends affected, EnHeng decided to donate $50,000 and accept donations through the BSC address to send Eneng charity dinner sponsorship to bring warmth and support to everyone.
This assistance is open to all victims, with priority given to college students. This is not just a dinner, but also a transmission of hope. I hope everyone can join in the event, help those in distress, and give them more courage and strength.
📢 Please help forward it so that more victims can see it
He further elaborated on the donation mechanism, which includes a Binance Smart Chain (BSC) address for additional contributions and invites donors to join a charity dinner to show solidarity with those affected.
For victims seeking compensation, EnHeng has set up a straightforward application process to determine their eligibility for financial aid.
Students are required to provide their school name, major, and student ID for identity verification, while non-student victims can submit information to confirm their losses.
Those applying must also provide their wallet address used during the incident to ensure accurate verification of their investment losses.
Translated image of the application for LIBRA’s rug pull victims
To streamline the process, an optional step allows victims to share details of the event and raise awareness in exchange for potential additional compensation.
The collapse of the LIBRA token has sparked significant political backlash.
The incident has raised questions about President Milei’s involvement, with critics alleging that his public endorsement misled investors.
On top of the financial loss, the situation has sparked a growing call for tougher cryptocurrency regulations to protect investors down the road.
With donations continuing to roll in through the BSC address, the priority now is to rebuild trust, especially at a time when people are losing faith in both the market and those in power who should be looking out for their interests, only to end up letting them down.
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