Memecoin Tied to CZ Statue Crashes 99% After Binance Founder Disowns It

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Memecoin Tied to CZ Statue Crashes 99% After Binance Founder Disowns It A Washington, D.C. statue of Changpeng “CZ” Zhao became the center of a memecoin frenzy after the “czstatue” token surged 27,000% in a day before collapsing to near zero. By Oliver Knight | Edited by Sheldon Reback Updated Oct 29, 2025, 11:52 a.m. Published Oct 29, 2025, 11:49 a.m. Chanpeng "CZ" Zhao (Nikhilesh De/Modified by CoinDesk) What to know : Zhao called the token a “quick buck” scheme and said he doesn’t appreciate being used for profit, telling followers: “Don’t buy the meme.” The “czstatue” token saw $1.2 billion in trading volume during its one-day rally before plummeting in value shortly after Changpeng Zhao's tweet. Over 1,100 holders were left with near-worthless tokens amid claims the contract was a honeypot, preventing anyone but the creator from selling. A statue of Binance founder Changpeng "CZ" Zhao placed near the U.S. Capitol in Washington D.C. was tainted after a memecoin dubbed "czstatue" rose by 27,000% in a day before crashing back to nearly zero. The token, which rose as high as 17.5 cents, racked up $1.2 billion in trading volume before the crash after Zhao tweeted "Don't buy the meme" while dismissing the aim of the statue. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . CZ was recently pardoned by U.S. president Donald Trump after he served four months in prison in 2024 . Zhao pleaded guilty in November 2023 to charges of violating the Bank Secrecy Act. Loading... "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," CZ wrote. "This is something I don't appreciate. Don't buy the meme. "I would also never accept a statue of myself. What kind of egomaniac would have a statue of himself in his house?" There are still 1,177 holders of the near-worthless token, suggesting that a large number of retail investors were left holding the bag. Some speculated that the memecoin creator constructed a "honeypot" contract, meaning traders other than the creator could not sell token, only buy it. CZ Changpeng Zhao Binance memecoins More For You OwlTing: Stablecoin Infrastructure for the Future By CoinDesk Research Oct 16, 2025 Commissioned by OwlTing Stablecoin payment volumes have grown to $19.4B year-to-date in 2025. OwlTing aims to capture this market by developing payment infrastructure that processes transactions in seconds for fractions of a cent. View Full Report More For You Deutsche Digital Assets and Safello to List Staked Bittensor ETP on SIX Swiss Exchange By Ian Allison , AI Boost | Edited by Sheldon Reback 2 hours ago The exchange-traded product offers investors regulated access to Bittensor’s TAO token with staking rewards and full physical backing. What to know : Deutsche Digital Assets and Safello plan to introduce the Safello Bittensor Staked TAO ETP (STAO). The product will give investors exposure to Bittensor while earning staking rewards. Trading on the SIX Swiss Exchange is set to begin in the coming weeks. Read full story Latest Crypto News Australian Regulator Signals Broader Digital Asset Oversight Ahead of New Licensing Regime 5 minutes ago Ironlight Wins FINRA Approval for First U.S. Regulated ATS With Onchain Atomic Settlement 14 minutes ago Crypto Markets Today: Bitcoin Consolidates at $113K Ahead of Potential U.S.-China Trade Deal 14 minutes ago Core Scientific Holders Poised to Reject CoreWeave Merger, Jefferies Says 52 minutes ago Stablecoin Inflows Rise Before Fed Rate Decision: Crypto Daybook Americas 59 minutes ago Bitcoin, Ether Brace for $17B Options Expiry Amid Fed Meeting, Tech Company Earnings 1 hour ago Top Stories Stablecoin Inflows Rise Before Fed Rate Decision: Crypto Daybook Americas 59 minutes ago DBS, Goldman Sachs Execute First Over-the-Counter Interbank Crypto Options Trade 3 hours ago Bitcoin, Ether Brace for $17B Options Expiry Amid Fed Meeting, Tech Company Earnings 1 hour ago Deutsche Digital Assets and Safello to List Staked Bittensor ETP on SIX Swiss Exchange 2 hours ago Bitcoin Holds $113K as Liquidity Thins, Traders Turn Defensive Before Fed Week 4 hours ago Australian Regulator Signals Broader Digital Asset Oversight Ahead of New Licensing Regime 5 minutes ago