Ex-Binance CZ Warns Against Falling for This Half-Million USD Mistake

Binance cofounder and former CEO Changpeng Zhao, widely known in the community as CZ, has taken to his official account on the X social media platform to reveal to the BNB community a curious case. He also warned them against falling for it so as not to lose their money.

“Tricky situation” on BNB Chain

CZ said a “tricky situation” was revealed to him by a BNB Chain team member. The team launched an educational video to provide guidance on launching meme coins on the four.meme platform. A hypothetical token used as an example in that video is called TST.

CZ stated that Chinese community KOL began to promote this nonexistent token and even started trading it. By now, the meme coin’s market capitalization size has come close to half a million U.S. dollars.

Zhao continued that as soon as the BNB team member learned about that incident, he/she removed the video. However, “the internet does not forget” – CZ added a response from an X user that contains this tutorial video.

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“Not an official token of the BNB Chain team”

CZ said he recommended the BNB Chain team restore the tutorial video since some users have downloaded it anyway and have been spreading it around the internet. CZ warned that this was not an endorsement of that example token from him.

Aside from removing the video, the BNB Chain team also deleted the private key for the creator address that was shown in the tutorial; it holds 0.13% of the TST token supply.

“No one on the team (or Binance) holds any of that token,” Zhao underscored once again.

“This is NOT an official token by the BNB Chain team, or anyone. It is a test token used just for that video tutorial. Nothing more,” he warned the crypto community.