A new memecoin inspired by a statue of Binance founder Changpeng Zhao (CZ) has drawn criticism from the man himself, who says the project is nothing more than an attempt to profit from his reputation.
The token, called CZSTATUE, appeared online shortly after a sculpture of the former Binance CEO was temporarily displayed near the U.S. Capitol in Washington, D.C. The artwork was meant as a symbolic tribute, but the token that followed has quickly turned it into a controversy.
From Tribute to Token Scheme
Zhao addressed the issue directly on X, warning followers not to engage with or purchase the new memecoin. “It’s obvious what’s happening here,” he wrote. “Someone saw a chance to use my name to make a quick profit. Please avoid it.”
He clarified that he had nothing to do with the project and expressed discomfort with both the token and the statue itself. “I wouldn’t even accept the statue as a gift,” Zhao added, joking that keeping a statue of himself would feel “like an act of ego.”
The statue, organized by Nick Zee and his team, was originally intended as a temporary art piece that might later be auctioned to raise funds for Giggle Academy, an educational project led by Zhao. But the appearance of the CZSTATUE token — launched just as images of the sculpture spread online — shifted attention away from the charitable concept and toward speculation.
CZ’s Long-Standing Warning
This isn’t the first time Zhao has spoken out against the misuse of his identity. Throughout his career, the Binance founder has cautioned investors about copycat tokens and fraudulent promotions that use familiar names to attract buyers.
While I want to appreciate the gesture, the fact that there is a meme coin associated with this means the creator probably just wanted to make a quick buck off an interaction from me. This is something I don’t appreciate. Don’t buy the meme.
I would also never accept a statue of… https://t.co/GLmBgxqP6C
— CZ 🔶 BNB (@cz_binance) October 29, 2025
In his latest comments, Zhao emphasized that such tokens rarely benefit the people they claim to honor. Instead, they often end up as short-lived speculation traps, capitalizing on social media hype before vanishing from the market.
Memecoins and the Risk of Celebrity Hype
The incident reflects a broader trend across the crypto world, where public figures and internet memes increasingly become launching points for tokens with questionable utility. While some start as jokes or tributes, many devolve into pump-and-dump schemes targeting unsuspecting retail traders.
CZ’s response serves as a reminder that even lighthearted crypto projects can carry serious risks. For him, the line between admiration and exploitation is clear: “Art should inspire, not enrich opportunists.”
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/binance-founder-warns-against-buying-token-linked-to-his-statue/