The crypto industry is reeling after news came in this morning that Binance founder Changpeng Zhao (CZ) plans to step down from his role as CEO and plead guilty to violating anti-money-laundering laws. CZ will pay $4.3 billion in fines to the U.S. government and opinions on the matter are still being assessed. Crypto degens have found a silver lining: speculating on a freshly launched shitcoin called “CZ” that’s already trading on Ethereum DeFi exchange Uniswap and has gone up 18,000%. This coin has no relation to Binance, or CZ, and there is a high chance the dev will eventually rug, pull liquidity from the project, and break the hearts of those left holding the bag. Regardless, it’s all a reminder that when times get tough, degens find a way.
Disclaimer: The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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You can read more about this topic here: Decrypt: Degens Have Already Found a Way to Make Money on CZ Stepping Down