A social media post by Binance's CZ revealing his dog’s name, Broccoli, triggered a frenzy, leading to a sniper netting $27.8 million by sniping related meme coins.

A simple social media post by Changpeng Zhao (CZ), the founder and former CEO of Binance, set off a massive chain reaction in the crypto world, leading to the creation of hundreds of scam meme coins and a single sniper netting a staggering $27.8 million.

The incident began when CZ responded to a Twitter user’s inquiry about whether he owned a pet dog. He confirmed he had a Belgian Malinois, creating immediate speculation within the crypto community.

Traders and opportunists rushed to create tokens named after CZ’s pet, hoping to capitalize on the frenzy.

The sniper, who remains anonymous but whose wallet address is publicly visible, swiftly sniped almost every meme coin named “Broccoli” (the name revealed for CZ’s dog).

According to blockchain analytics firm Lookonchain, the sniper utilized a series of wallets to distribute and sell Broccoli tokens through the disperse tool.

The sniper then converted the earnings into Binance Coin ($BNB) and finally swapped all $BNB for Tether ($USDT), walking away with $27.8 million.

WuBlockchain also reported that the sniper, possibly a Broccoli developer, made over $36 million.

Backlash Against CZ: Crypto Community Accusations and Concerns

While the event resulted in massive gains for some, the broader crypto community reacted with frustration and criticism directed at CZ.

Many blamed him for the chaos, arguing that he should have anticipated the inevitable creation of scam tokens and taken preventive measures.

After CZ revealed his dog’s name, hundreds of tokens named after the pet flooded the market, with many becoming scams that led to significant investor losses.

Traders had assumed that if CZ were to share details about his dog, he would also launch an official meme token on Binance Smart Chain (BSC), thereby preventing fraudulent actors from taking advantage of the situation. When this did not happen, the backlash was swift.

Several notable figures in the crypto space publicly called out CZ, accusing him of allowing the exploitation of investors.

CZ’s Response: “I did not want to get involved in issuing a meme coin, as I have zero experience.”

Despite the heated accusations, CZ took the criticism in stride and engaged in discussions about the issue.

Acknowledging the concerns raised by the community, he admitted that he wanted to increase activity on BSC but did not intend to launch a meme coin himself, as he lacked experience in doing so.

Despite the controversies, the Broccoli meme coin frenzy has made some Traders a lot of money, while many have also lost money.

It remains to be seen whether CZ will take a more proactive role in controlling the narrative of meme coins on BSC, but for now, the aftermath of this event continues to unfold.