CZ Burns Nearly $500K in Unsolicited Memecoins as Developers Exploit His Wallet for Publicity

Binance co-founder Changpeng “CZ” Zhao is saying enough is enough, as he closes he wallet from opportunistic memecoin projects who are trying to leverage on his crypto wallet for free publicity.

In a decisive move that cost him nearly $490,000, CZ burned the unsolicited coins — signaling that he’d rather watch money go up in flames than allow developers to exploit his name for free publicity.

On-chain analyst Ai Yi identified the burn, estimating that the destroyed tokens included roughly $305,000 in QUQ, $142,000 in SIREN, and $43,000 in BNBCARD. The action marks CZ’s second major token purge in under a year, underscoring his frustration with developers using his public address to create the illusion of endorsement.

CZ explained his decision on an X post, saying how these forced donations have made his crypto wallet unnecessarily messy and cluttered. He added that the BNB token is the only cryptocurrency he is trying to accumulate.

“I didn’t ask for these tokens. Please stop sending random coins.”

CZ Has Reached His Boiling Point

Public wallets belonging to well-known crypto figures often attract unsolicited tokens from obscure projects looking for exposure. Sending coins to a celebrity’s address can trick onlookers into assuming a connection or endorsement, fueling artificial hype.

For a long time, CZ tolerated these token drops, quietly clearing them out without public comment. But as the number of opportunistic projects grew — and as scammers began hijacking his name for marketing — the Binance founder decided it was time to make an example.

“This represents a major shift in CZ’s approach,” noted Ai Yi. “Previously, he avoided taking actions that might hurt token holders. But this time, he made a public statement by burning them outright.”

CZ has also hinted that if the practice continues, future unwanted deposits might be sold on the open market instead of burned. While this would recoup some of the operational cost, it also reflects the scale of the nuisance these unsolicited airdrops have become.

Earlier this year, CZ had already removed several high-value tokens from his wallet and even discussed developing an automated tool to handle the growing flood. However, he admitted that current automation tools pose potential security risks, making manual intervention safer for now.

Fake Endorsements, Real Consequences

The surge in memecoin activity has turned into fertile ground for scammers and phishing operations. Developers have been known to send tokens to prominent crypto figures’ wallets, then screenshot the transaction to claim “partnerships” or “support.”

CZ’s firm stance comes amid growing concern over phishing campaigns and impersonation scams targeting Binance and BNB Chain users. In one recent incident, hackers took over the official BNB Chain account on X and promoted fake airdrops using deceptive WalletConnect links. Users who clicked those links risked exposing private keys and losing funds.

In another case, scammers used a phishing website that mimicked the URL of the official BNB Chain domain-with just a single character different-to trick unknowing victims into thinking that the malicious website was the official Binance website. And indeed, more than thousands of victims fell into the trap....

CZ said these scams are another reason for his crackdown: unsolicited tokens “clutter wallets, create false narratives, and confuse investors.” Beyond the optics, he added, such activity “invites misuse of public addresses for marketing stunts.”

His recent burn follows a pattern. Last year, CZ destroyed about $1.6 million in Broccoli tokens and $2 million in Tutorial tokens, both sent to his wallet without consent. He has consistently warned that his donation address is not a marketing tool and that any tokens sent there “will be burned or removed.”

A Statement of Principle

By burning nearly half a million dollars’ worth of tokens, CZ has turned what could have been another routine cleanup into a statement about integrity in an industry too often driven by hype. While Ethereum co-founder Vitalik Buterin has taken a different route — selling unsolicited tokens and donating the proceeds — CZ’s symbolic burn sends a clear message: visibility earned through deception has no value.

His willingness to destroy hundreds of thousands of dollars’ worth of assets shows that, for him, reputation outweighs revenue. The move may also deter developers from using public wallets as cheap marketing channels — a growing problem in an era of meme-driven speculation.

CZ’s hardline approach may seem drastic, but it underscores a key truth about crypto culture: credibility cannot be bought or faked. In a space overflowing with imitation, his burn isn’t just about cleaning a wallet — it’s about cleansing the narrative.

Whether others in the industry follow suit remains to be seen, but one thing is certain: the fire CZ lit this week burned more than tokens — it torched the illusion that influence can be farmed for free.