Binance Founder's Donation Address Used for Token Burning Transactions
A recent on-chain data analysis revealed that Binance founder Changpeng Zhao's (CZ) donation address had been used for token burning transactions, sparking speculation about CZ's involvement with certain altcoins.
The investigation by Arkham data showed three consecutive token burns involving 'Niu Lai', MarsCoins, and 'Binance Life' tokens sent to the burn address. However, a closer look revealed that the burning of 4,444 'Niu Lai' tokens was not initiated by CZ.
The actual culprit behind the transaction was identified as the token's developer, who had defined privileged authorization via a smart contract to mint 1 billion tokens for their own address. They then sent approximately 800 million tokens to CZ's address and used the transferFrom function in the contract to move 4,444 tokens from CZ's address to the burning address.
This method can make transactions appear as if they originated from CZ on on-chain tracking platforms, but it does not necessarily imply CZ's support or involvement with the token. A similar scenario was reported earlier in 2025 involving a token project called CAAB, where 80% of the total supply was sent to CZ's donation address.