Binance co-founder Changpeng "CZ" Zhao has pledged to donate 500 BNB, worth approximately $605, for both Thailand and Myanmar to respond to the 7.7 magnitude earthquake that devastated the region on March 28.
The earthquake caused widespread flooding and significant damage to infrastructure, especially in Myanmar, where the epicenter was about 10 miles from Mandalay. In a post on X, Zhao expressed concern for those affected and stated that the donations would be distributed through Binance and Binance Thailand.
CZ Says Binance Will Distribute Earthquake Relief Funds If No Reliable Chain Platform Is Found
He noted that unless a reliable third-party online donation platform is identified, Binance will handle the distribution of disaster relief funds directly.
According to The Guardian, the earthquake claimed at least 144 lives and injured over 700 others.
Rescue teams in both countries are working to save those still trapped under the rubble, and the death toll is expected to rise.
The leader of the Myanmar military, Min Aung Hlaing, has publicly called for international support for relief efforts.
The use of cryptocurrency in humanitarian aid has become popular due to its speed, transparency, and ability to bypass traditional banking infrastructure.
In previous disasters, such as the 2023 earthquake in Turkey and Syria, and the wildfires in Maui, cryptocurrency platforms like The Giving Block have helped raise millions of dollars for relief.
This year, Giving Block also launched an emergency fundraising program for the victims of the wildfires in California and has raised over $1 million so far.
CZ's Charitable Action Backfires (In a Good Way)
Earlier this month, CZ pledged to donate 150 BNB (approximately $100,000) to help the victims of the now-defunct meme coin LIBRA—and ultimately received more cryptocurrency than the amount he donated.
Zhao's donation was made in response to a campaign initiated by a student named EnHeng, who raised $50,000 to support more than 40,000 investors affected by the collapse of LIBRA.
A Solana-based token, championed by Argentine President Javier Milei, surged to a market capitalization of $4 billion before plummeting 91%, wiping out billions of dollars in investor funds.
After Zhao publicly shared his donation wallet, the amount of cryptocurrency contributions increased, surpassing his initial donations.
"When you give money, you will receive more in return," CZ joked on X.
However, he has made it clear that he will not keep any remaining funds, and promised to transfer that money to other victims of the meme coin, including those scammed by TST and Broccoli - named after his dog.
Zhao emphasized that his actions should not be seen as an endorsement of any meme coin.
Meanwhile, President Milei is under investigation in Argentina for his role in promoting LIBRA, which is currently at the center of an escalating legal scandal involving fraud, insider trading, and investor scams.