- CZ Binance burned millions of dollars’ worth of Broccoli, TUT, CZ’S DOG, and Mubarakah tokens.
- The total value of the burned assets exceeds $3.9 million.
- He warned crypto developers from sending more tokens to his address expecting interactions.
Binance founder Changpeng Zhao (CZ) has burned a significant amount of cryptocurrency assets, permanently removing over $3.9 million worth of tokens from circulation.
According to reports, the tokens burned include 798,065 Broccoli, which is approximately $1.09 million, and 45,588,173 TUT, which is approximately $1,9 million. Others include CZ’s DOG tokens, worth $546,000, and Mubarakah tokens, worth $358,000.
The former Binance CEO had previously inquired about an easy way to burn a large variety of altcoins in his wallet on X. His wallet reportedly contains over 109 different types of tokens that cryptocurrency developers sent in an attempt to attract attention.
Following the token burn, CZ advised users against sending any additional assets to his public address. He disclosed that while new AI-driven solutions exist that could potentially automate such token burns, these tools have not yet undergone sufficient security reviews in his assessment. As a result, CZ stated he will handle burning any remaining unwanted tokens manually for now.
Related: Mubarak (MUBARAK) Price Prediction 2025-2030: Will It Hold Its Bullish Momentum?
Developers Respond to the Token Burn
The high-profile token burn triggered discussions within the crypto community, especially among developers whose tokens were included. Blockchain engineer Yersayl Amanbek, for instance, explained his reasoning for initially sending $90,000 worth of the TUT token to CZ’s wallet address sometime prior.
He stated he’d considered three main options for promoting the TUT token initially: using the funds directly for a centralized exchange (CEX) listing campaign, simply holding the team’s tokens despite community pressure for action, or sending a notable portion to CZ’s widely watched wallet. He explained he chose the latter option, believing at the time it contributed to one of the most decentralized forms of token distribution since Bitcoin’s earliest days.
Related: Binance CZ Addresses Meme Coin Speculation as BNB Chain Faces Growing Scrutiny
Similarly, Kripto Hayelet, a member of the Broccoli community, responded by emphasizing that the community sent 1% of the token supply to CZ as a symbol of loyalty rather than for publicity.
He stated that Broccoli has significantly contributed to the BNB ecosystem, adding large trading volumes. He also noted that the project is nearing the top in market capitalization rankings. Lastly, he revealed that the team is developing a major new product and aims for a Binance listing.
Market Reactions and Technical Impact
The token burn had a noticeable impact on market activity. Immediately after the burn, the market saw increased volatility in Broccoli and TUT. Broccoli is trading at $0.0001515, a 7.9% drop in the past day. Similarly, TUT is down by 5.4% in the past day, trading at $0.03906.
The burn event also appeared to influence sentiment around other tokens within the broader BNB Chain ecosystem. Within a few hours of the burn, BNB itself experienced a roughly 2% price increase, rising from around $600 to $612 briefly. Trading volume for BNB also surged 13.5% to $1.46 billion over the past day, suggesting heightened short-term market interest possibly related to the event.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
