Binance founder Changpeng Zhao has gained attention for his charitable involvement aimed at supporting victims of the LIBRA token fraud.
Evaluating Different Options
With the unexpected crypto gift, Zhao began considering its fate. One idea was an airdrop, but it was challenging to determine who should receive it. Another option was burning the tokens, which wouldn't directly help anyone. Zhao also considered donating to charity, but it needed to be a group that could accept crypto and provide clear records. Ultimately, the most practical choice was adding the funds to a liquidity pool to help maintain market stability.
CZ’s Late Move for Crypto Impact
Before settling on a final plan, Zhao tested different market management methods, studying the interactions of liquidity and maximum extractable value. He admitted that he started learning about these tools late but found it valuable. His main goal was not personal gain but rather a positive impact on the crypto space.
Changpeng Zhao’s Post-Prison Initiatives
After stepping down as Binance CEO and serving a four-month prison sentence, Zhao continues to be actively involved in the crypto space. He founded Giggle Academy, a nonprofit to help kids avoid crypto scams. Zhao is keenly interested in emerging technologies, particularly blockchain and AI, and promotes Decentralized Science at various events.
Changpeng Zhao remains an active figure in the crypto industry, aiming to use the sudden funds to benefit the community and advance cryptocurrency technologies.
