Thousands of investors faced massive losses when the LIBRA memecoin collapsed, leaving many without their hard-earned money. Among the victims was EnHeng, a college student who decided to step in and help. In an effort to provide relief, EnHeng pledged $50,000 and set up a donation address to support those affected by the collapse. His initiative quickly gained attention, and soon, Binance founder Changpeng Zhao (CZ) joined the effort, pledging 150 BNB, valued at nearly $100,000, to aid the victims.
BREAKING:
— Ash Crypto (@Ashcryptoreal) February 17, 2025
CZ TO DONATE 150 BNB WORTH
$100,000 TO HELP $LIBRA SCAM
VICTIMS. pic.twitter.com/rewJP1wMtG
CZ’s Generosity Brings Hope to LIBRA Victims
EnHeng’s plan to fundraise for the victims was shared on X, detailing the emotional and financial toll many of the affected individuals, including students, were facing. In the wake of the LIBRA scam, crypto scams had left victims vulnerable and struggling. CZ, known for his support of the crypto community, took notice of the student’s efforts and publicly retweeted the post, offering his generous donation. His response was seen as an act of kindness and a call for others in the industry to lend their support to those who had suffered significant financial losses.
The collapse of LIBRA left over 40,000 investors in financial ruin, with losses amounting to a staggering $4.4 billion. Many blamed high-profile endorsements, including support from Argentine President Javier Milei, for the coin’s rise and subsequent crash. When Milei withdrew his backing, panic selling ensued, leading to a rapid market collapse.
Political Fallout Over LIBRA’s Collapse
The scandal surrounding LIBRA also sparked political controversy. Hayden Mark Davis, one of the coin’s creators, accused President Milei of betraying investors, fueling suspicions that the president may have profited from the market crash. Argentine attorneys launched legal action, and political opponents called for Milei’s impeachment, alleging fraud and negligence.
Also Read: Binance’s CZ Clears the Air on Test Coin (TST) Amid Rising Popularity and Speculation
Despite the turmoil, CZ’s donation has provided a glimmer of hope. His gesture shows a commitment to supporting the crypto community in times of crisis, and many hope it encourages other industry leaders to take similar action. For now, those affected by the LIBRA collapse have at least one reason to remain hopeful.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
