A four-meter-tall golden statue honoring Binance founder Changpeng Zhao will be unveiled outside the US Capitol on Wednesday, days after his presidential pardon.
An anonymous collective funded the project with $50,000, while a related meme token, CZSTATUE, launched on BNB ($1,132.80) Chain and reached a valuation of $577,000.
Anonymous Collective Funds $50,000 Statue Project
An organizer named Nick Zee stated that four anonymous individuals contributed approximately $50,000 to create the statue. The 14-foot structure was manufactured over four weeks by a CNC printing machine, milling the design from dense foam blocks.
The statue depicts Zhao’s trademark four-finger gesture, which references his 2023 pledge to ignore fear, uncertainty, and doubt amid heightened regulatory scrutiny. According to Zee, the statue will be displayed publicly for several hours. It will then be presented to Zhao or auctioned to benefit Giggle Academy. Zhao established Giggle Academy, a nonprofit educational organization, after pleading guilty to anti-money laundering violations in 2024.
Zee attributed the statue’s creation to what he described as unjust attacks against Zhao, rising BNB prices, and the recent presidential pardon. However, the financial backers remain unidentified, and the source of the $50,000 remains undisclosed. Binance maintains it has no official connection to the statue project.
Meme Token Launch Raises Transparency Questions
According to reports, a meme token with the ticker CZSTATUE was issued on BNB Chain in connection with the project. The token reportedly reached a market capitalization of approximately $577,000 as of October 28.
Some crypto observers noted unusual trading patterns around the pardon announcement. Crypto analyst NihonNinjaTaro posted on X that a mysterious whale wallet “earned $57K in hours” on CZ pardon-related tokens. The same wallet had previously profited from “predicting” major market events. “Pattern is UNDENIABLE. Watch this wallet = watch the market,” the analyst stated.
The post highlights growing speculation about potential insider knowledge in event-driven token launches.
The $577,000 market cap represents significantly larger economic activity than the $50,000 production cost. This indicates that token issuance has become the primary financial component of the initiative. However, the token’s issuer, ownership structure, and revenue distribution mechanisms remain undisclosed, raising questions about transparency.
The cryptocurrency industry has seen an increased number of immediate token launches tied to political events or public figure developments. Last month, a separate group erected a golden statue of President Trump holding Bitcoin at the same Capitol location. These event-driven meme tokens have emerged as a method of rapidly accumulating speculative capital. However, they may attract regulatory scrutiny from an investor protection standpoint.
Pardon Marketing?
Zhao pleaded guilty to anti-money laundering violations in November 2023. This came as part of a $4.3 billion settlement between Binance and US authorities. He subsequently resigned as CEO and completed a four-month prison sentence in 2024. President Trump issued Zhao’s pardon on October 23.
Senator Elizabeth Warren criticized the move. She stated that Zhao first pleaded guilty, then boosted Trump’s cryptocurrency ventures and lobbied for a pardon before receiving it. She characterized the sequence as indicative of corruption.
At a politically sensitive moment immediately following the pardon, apparent perception as spontaneous third-party recognition gives branding effects, while official corporate celebration events could invite criticism. Also, the inclusion of donations to Giggle Academy adds a philanthropic dimension.
However, available information cannot confirm the actual flow of funds and any connections between the anonymous backers and Zhao or Binance-affiliated individuals. BNB price has increased 18% over the past month. It is trading around $1,140 at the time of writing.
BNB price chart: BeInCryptoThe post CZ Statue Unveiling Tied to Anonymous Funders and New Meme Token appeared first on BeInCrypto.
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