Trader turns $9.7K into $282K after CZ wallet burn

On August 16, on-chain data from a blockchain tracker shows a wallet spent 16 BNB, about $9,645, plus roughly $10 in gas to buy 84.61 million Marscoin tokens seconds after Binance founder Changpeng CZ Zhao burned 4,444 Marscoin from a public address. The trader sold 42.3 million tokens almost immediately for 16.4 BNB to recover the initial stake, then later sold the remaining 42.3 million for 465 BNB, roughly $282,000, a 29x return.

The trades followed a brief spike in the market for an unofficial Marscoin clone. The token’s market cap rose from about $40,000 to roughly $30 million before falling to near $5.26 million after Zhao said the burns were routine. A separate wallet that spent about 133,000 USDT to buy 6.15 million Marscoin closed the position for roughly 22,400 USDT, a loss of about $110,700 within hours.

Zhao wrote that he had been using the Trust Wallet app to remove spam tokens from a public address traders had begun watching. He added, ‘The more I burn, the more people will send meme coins to the address.’ To stop the feedback, Zhao moved his legitimate BNB holdings to Giggle Academy, an education-focused charity, converted the public address into a permanent burn address and closed it to future transactions.

The sequence of on-chain buys and sells happened within minutes on August 16 and involved rapid trading in a small, unofficial token tied to the BNB Chain. Zhao has previously warned traders against reading too much into his public wallet activity.