According to data provided by crypto analytics firm Lookonchain, someone just made a profit of $7 million on a meme coin named after the dog of former Binance CEO Changpeng Zhao (CZ). Their initial investment was just 1 BNB ($707).
However, not everyone is amused by such stunning profits. Decentralized finance pioneer (DeFi) Andre Cronje, who is mainly known for creating the Yearn Finance protocol, claims that the user simply stole the money since they likely launched the meme coin in question.
“And I get it, they knew what they were getting into, if it wasn’t a scam coin and they made money they wouldn’t give it back. It’s the old adage of stealing stolen goods. Or murdering a murderer. But this is not profit,” he added.
According to Cronje, this should be simply viewed as theft instead of a “sophisticated trading strategy.”
As reported by U.Today, CZ revealed the name of his dog earlier this Thursday, but he did not launch his official memecoin as many anticipated. Instead, the crypto mogul stated that he wanted the best community meme coin to emerge victorious.
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