CoinDesk Podcast Network 'Czstatue' Token Crashes 99% After Binance Founder Disowns It | CoinDesk Daily
Oct 29, 2025
A chaotic cheer erupted around the 'czstatue' token, which skyrocketed 27,000% before crashing down to near-zero value. Founder Changpeng Zhao expressed his disdain, urging followers to steer clear from such memecoins. Speculation arose over possible scam activity linked to the token. Meanwhile, Bitcoin approaches the $113,000 mark amid anticipation of a Fed rate cut. Plus, in crypto legal news, Heather Morgan's early release stirs interest, revealing tensions surrounding Bitfinex. It's a whirlwind of trends and market movements!
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CZ Statue Token Pump And Crash
- A memecoin tied to a statue of Binance founder CZ exploded and then collapsed in hours.
- The token spiked 27,000% with $1.2 billion volume before crashing to nearly zero, leaving many holders ruined.
Avoid Buying Tokens When The Subject Objects
- Avoid buying memecoins that use someone's likeness as a quick profit scheme when the person warns against it.
- CZ explicitly said he doesn't appreciate being used for profit and told followers "don't buy the meme."
Honeypot Risks In Meme Token Mania
- Public token frenzies can look like organic hype but may conceal malicious mechanics like honeypots.
- Over 1,100 holders were left with nearly worthless tokens, sparking suspicion the project prevented selling.