- Changpeng Zhao denied claims recent wallet transfers endorsed meme coins, calling them routine spam token cleanup operations instead entirely unrelated.
- According to Arkham, blockchain records show Zhao has burned more than $6.24 million in unsolicited third-party tokens across multiple cleanups.
- Spam token campaigns target influential wallets, while Zhao said unwanted assets ultimately reach burn addresses instead of gaining endorsement publicity.
Binance founder Changpeng Zhao has dismissed claims that he secretly supported meme coin projects on BNB Chain, saying recent transfers from his public wallet were part of a routine cleanup of unsolicited tokens.
According to Zhao’s post on X, the transactions involved third-party assets that had accumulated in his address over several years. He explained that developers regularly sent tokens to his public wallet without permission, hoping to gain exposure from one of the industry’s most recognized figures.
On-chain trackers recently detected the movement of about 400 million third-party tokens worth roughly $1.6 million from Zhao’s wallet to a burn address. Consequently, the transfers sparked speculation that he was quietly backing selected meme coin projects.
However, Zhao rejected that interpretation. He said the tokens were nothing more than digital spam and explained that the growing number of unsolicited assets had prevented his wallet interface from displaying balances correctly. Therefore, he decided to remove the unwanted holdings through another cleanup transaction.
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Spam Token Promotions Target High-Profile Wallets
According to Zhao, sending unsolicited tokens to public wallets has become a long-standing marketing strategy within the cryptocurrency industry. Developers often transfer assets to well-known blockchain addresses, hoping traders will notice the activity and generate interest in their projects.
This tactic gained widespread attention in 2021 when the creators of Shiba Inu transferred half of the token’s total supply to Ethereum co-founder Vitalik Buterin without his approval. The unexpected transfer generated significant publicity across the crypto market.
Moreover, Buterin later burned about 90% of the received tokens and donated the remainder to charitable causes. He also urged developers to stop using his wallet for promotional campaigns, arguing that the practice served no meaningful purpose.
Zhao indicated that his public wallet has faced the same issue for years. He added that unwanted tokens accumulate regularly, forcing him to remove them whenever they begin interfering with normal wallet management.
Blockchain Records Show Similar Cleanup History
According to on-chain data from Arkham, Zhao has performed several comparable cleanup transactions over the past year. Historical records show he repeatedly transferred unsolicited assets from his wallet to burn addresses instead of trading or distributing them.
Around eight months ago, Zhao destroyed separate batches of spam tokens valued at approximately $43,490, $142,500, and $305,870. Additionally, blockchain data shows four larger burn transactions roughly one year earlier involving assets worth about $358,220, $1.95 million, $546,900, and $1.1 million.
Those transactions bring the total value of third-party tokens Zhao has burned to more than $6.24 million during the past year. The repeated transfers suggest the latest transaction follows an established pattern rather than representing a new investment strategy.
Zhao also remarked that sending unwanted tokens to his address effectively sends them into a “black hole.” He explained that any unsolicited assets reaching his wallet would ultimately be burned, making the promotional strategy ineffective.
Conclusion
The latest burn transaction reflects another routine cleanup of unsolicited tokens rather than support for meme coin projects. Zhao’s explanation, together with historical blockchain records, indicates that his public wallet has repeatedly been used as a target for promotional token campaigns, with those assets ultimately ending up in burn addresses instead of receiving public endorsement.
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