CZ Abandons Public Wallet Following Trader Speculation on His Transactions

• CZ said he will no longer use his address after transferring assets to Giggle Academy.
• He said any transaction from a public wallet immediately draws excessive attention from the community.
• One trader made around $282,000 by tracking CZ’s actions with the memecoin MARSCOIN.

Binance co-founder Changpeng Zhao (CZ) said he will stop using the crypto wallet address the community tracks after people began using any activity on it to speculate on memecoins.

CZ explained that while testing Trust Wallet, he discovered a large number of memecoins in his wallet. He started burning some of them, but it drew the crypto community’s attention.

According to the entrepreneur, he realized it was impossible to fully clear the address of memecoins. The more tokens he burned, the more new assets users sent to the wallet.

Zhao also noted that blockchain transparency leads the community to try to find hidden meaning in any transaction from his address.

“Too many people try to look too deeply for hidden meaning where there is none,” he said.

After that, CZ decided to transfer BNB and the 币安人生 tokens to Giggle Academy, and then stop using this address. He said that after that, it would effectively become a burn address.

Trader Made $282,000 Thanks to CZ’s Actions

The issue with the address being public was illustrated by the MARSCOIN story. According to Lookonchain, one trader was tracking CZ’s wallet. When 4,444 MARSCOIN were burned from it, the trader spent 16 BNB ($9,645) to buy 84.61 million tokens.

To be among the first buyers, he set a very high gas price and paid nearly $10 in fees.

After that, the trader sold half of the position for 16.4 BNB, recouping the initial investment. The remaining 42.3 million MARSCOIN was gradually sold as the price rose. As a result, the second half of the position brought him 465 BNB, or about $282,000.

As a result, CZ’s actions with his public wallet effectively became a trading signal for other market participants. It was precisely because of situations like this that CZ decided to stop using an address that the crypto community can directly associate with him.

Recall that earlier CZ called crypto exchanges safer than private storage.

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