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CZ warns of fake memecoins



Trading the crypto industry requires the right education and being cautious of one’s funds. Next to acquiring knowledge, staying safe in the crypto space- SAFU, should top the priority of the crypto audience. The Binance CEO,  Changpeng Zhao via a tweet mentioned that some groups are after possessing accounts he follows, then issue memecoins afterward.

This information came after he disclosed having followed users who replied “4” to his tweet. “I randomly followed a few people because they replied 4,” he said. 

At the beginning of the year, CZ tweeted he would keep 2023 simple, and listed four things: Education, Compliance, Product & Service, and Ignore FUD, fake news, attacks, etc. He stated that in the future he would appreciate it if users can link to the post when he tweets “4.” 

Fulfilling what he said, CZ added “I won’t be able to follow everyone who does that. I will continue to randomly follow positive people who are contributing to our communities.” A user who might have observed other users selling their handle when CZ followed them replied to CZ, highlighting that after he follows an account, “some of them will sell their Twitter handle.”

CZ responded that he would unfollow any account involved in such, disclosing that “there are a few guys who informed him of those.”

Further, CZ said he will unfollow and block the accounts, selling their handles and issuing memecoins. “Don’t get into those memecoins either. Understand the risks,” he said. 

Memecoins have certain characteristics like the token logo and community participation, that specifies they belong to the meme category. They are being issued almost daily, with BSC being the chain where most memecoins are deployed. A possible reason developers often deploy on BSC could be its accessibility and lower transaction cost. While there are many legitimate memecoins in the meme market, there are fraudulent tokens as well.

Read also;

Coinbase takes SEC to court, seeks regulatory clarity

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