Binance Founder CZ Keeps His Wallet Open and Donates $965,000 in BNB and BNB Life Tokens to Giggle Academy
Key Takeaways
- •Zhao said he changed his view after learning that Trust Wallet already offers a token-hiding feature, though it is difficult to find in the app.
- •He said repeated memecoin transfers to his wallet made it harder to see his BNB holdings and prompted him to consider closing the address.
- •OnChainLens reported that Zhao moved about $965,000 in tokens from a public wallet to Giggle Academy.
- •The transfer included 1,440 BNB worth about $872,000 and 182,620 BNB Life tokens worth about $93,000.
- •Zhao had said he would donate the remaining BNB and BNB Life in the wallet and then stop using the address, effectively treating it as a burn address.
Changpeng Zhao (CZ), founder of Binance, the world's largest cryptocurrency exchange, has drawn attention with his recent statements about cryptocurrency wallets and the on-chain transfers he made.
CZ first recounted his experiences while testing certain features of Trust Wallet, the self-custody wallet that Binance acquired in 2018. He said his activity using an open wallet address was frequently misinterpreted within the industry, and he clarified that he would not close his wallet, citing the features that Trust Wallet offers.
According to CZ, memecoins were constantly being sent to his wallet, and he complained that the sheer volume of them made it difficult even to locate his $BNB holdings. Unsolicited token transfers are a common occurrence for high-profile public addresses, whose on-chain activity is visible to anyone and routinely tracked by analytics platforms. He said he had even considered closing the wallet for this reason, but added that burning coins and closing the wallet would not be a solution.
"I was wrong before. Some people pointed out that token hiding is actually a very useful feature, and the Trust Wallet team noticed that too. They told me that Trust Wallet already has this feature, but because the login is quite hidden, it takes 5 clicks to find it. I think they will release updates for this functionality soon."
With this statement, CZ signaled that he had changed his mind — but his roughly $1 million transfer also attracted attention.
According to OnChainLens, a cryptocurrency analytics platform, CZ transferred approximately $965,000 worth of tokens from a public wallet to Giggle Academy today. The transfer included 1,440 Binance Coin ($BNB) worth approximately $872,000, along with 182,620 $BNB Life tokens worth approximately $93,000.
The move follows CZ's statement a day earlier that he would donate the remaining $BNB and $BNB Life tokens held in the wallet he had previously used for Trust Wallet testing to Giggle Academy, after which he planned to stop using the address and effectively turn it into a burn address — an address whose keys are inaccessible, meaning tokens sent there are effectively removed from circulation. Giggle Academy is the nonprofit education initiative CZ announced in 2023, before he stepped down as Binance's chief executive that November, with the stated aim of providing free education to underserved children worldwide.
*This is not investment advice.
Source: bitcoinsistemi
