On Wednesday, a four-meter golden statue honoring Binance founder Changpeng Zhao will appear outside the US Congress building—just days after his presidential pardon.
The project was funded by an anonymous group, allocating $50,000, and at the same time a memecoin called CZSTATUE was launched on BNB Chain, which has already reached a market capitalization of $577,000.
An anonymous community funded the statue installation for $50,000
According to the organizer named Nick Zee, four unknown sponsors donated about $50,000 for the creation of the monument. The four-meter structure was assembled in four weeks using a CNC milling machine, and the figure was carved from dense foam blocks.
The statue depicts Zhao’s signature gesture with four raised fingers—a reference to his 2023 statement where he promised to ignore fear, uncertainty, and doubt amid increasing regulatory pressure. According to Zee, the sculpture will be on public display for only a few hours, after which it will either be given to Zhao himself or auctioned off, with the proceeds going to Giggle Academy. This is an educational fund that Zhao launched after admitting to violating anti-money laundering laws in 2024.
Zee explained the installation of the monument as a result of a series of events: pressure on Zhao from authorities, the rise in the BNB token price, and the recent decision to pardon him. The identities of the investors are not disclosed, and the source of the funds also remains unknown. Binance assured that they have no involvement in this initiative.
The memecoin launch raises transparency questions
Alongside the statue initiative, a memecoin with the ticker CZSTATUE appeared on BNB Chain. By October 28, its market capitalization had reached approximately $577,000.
However, some members of the crypto community noticed unusual activity around the token amid news of Zhao’s pardon. An analyst under the nickname NihonNinjaTaro published a post on X, stating that the same unknown wallet “made $57,000 in just a few hours” on tokens related to CZ‘s pardon. Moreover, this address had previously benefited several times by “predicting” important market moves.
“The pattern is obvious. Watch this wallet and you’ll be one step ahead of the market,” he wrote.
The post only fueled the fire. Discussions about possible insider trading in tokens tied to high-profile news stories are gaining momentum.
The capitalization of CZSTATUE has already exceeded $577,000—significantly more than the $50,000 invested in the statue itself. This suggests that the main financial part of the project is now linked to the token. At the same time, it is unknown who issued it, who owns it, and how the proceeds are distributed. All this casts doubt on the transparency of the initiative.
The crypto industry is increasingly facing the launch of memecoins “tied” to high-profile events or famous names. A month ago, another group installed a golden statue of Donald Trump holding a bitcoin near the Capitol. Such memetokens are becoming a way to quickly raise speculative capital. But at the same time, they may attract the attention of regulators, especially regarding the protection of retail investors.
Marketing on the pardon?
In November 2023, Changpeng Zhao pleaded guilty to violating anti-money laundering laws. This was part of a deal with US authorities for $4.3 billion. After that, he resigned as Binance CEO and in 2024 served four months in prison. On October 23, Donald Trump signed an order pardoning him.
Senator Elizabeth Warren sharply criticized this decision. According to her, Zhao first pleaded guilty, then began promoting Trump’s crypto projects and sought a pardon through lobbying channels. She called it a direct manifestation of political corruption.
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At such a politically tense moment, right after the pardon, seemingly “spontaneous” initiatives from third parties can create a positive image, while official events from Binance itself could easily provoke a wave of criticism. At the same time, mentioning a possible transfer of funds to Giggle Academy gives the project a sort of charitable cover.
Nevertheless, at the moment there is no confirmation of any real movement of funds or any connection between the anonymous sponsors and Zhao himself or people connected to Binance. The price of BNB has risen by 18% over the past month and at the time of publication is around $1,140.
BNB price performance. Source: CoinMarketCap
