Binance founder Changpeng Zhao proposes a new use for meme coins in connection with the exposure of fraudster Jho Low, raising interest in the topic of informants and funding investigative operations.
Meme Coins Used in Uncovering Fraudsters
Changpeng Zhao, co-founder of the largest cryptocurrency exchange Binance, retweeted a post by Tom Wright, co-founder of Project Brazen, discussing fraudster Jho Low and how meme coins were used to uncover his location and gather important information. Jho Low became notorious for stealing $4.5 billion from the Malaysian 1MDB fund and used a fake Australian passport as cover. Informants who helped unveil this information were incentivized with meme coins. Wright also noted that Low remains 'useful to the Chinese government.'
Valuable Advice for Crypto Entrepreneurs
In another post, Changpeng Zhao shared important advice for young crypto entrepreneurs and those considering launching their projects. He emphasized that even if someone has a great idea, that alone is not enough for success. 'You can have a great idea, but ideas aren't worth much,' he wrote, adding that executing that idea is crucial and can be quite challenging. 'Execution is king, but it's a lot of work.'
The Impact of Meme Coins on the Crypto Market
Zhao suggested the possibility of using meme coins to identify those spreading negative articles about him through major media. He previously contemplated filing lawsuits against several outlets. Interestingly, earlier this year, he mentioned that he does not intend to launch his own meme token, but the community did it for him, creating a token named after his dog, Broccoli.
Changpeng Zhao's ideas on utilizing meme coins for uncovering fraudulent schemes, along with advice for crypto entrepreneurs, highlight the importance of not only great ideas but also their effective execution in the crypto market.
