Changpeng Zhao (CZ) has denied false rumors circulating on Sunday that he went missing due to a surfing accident in Dubai. The fabricated story originated in Chinese-language WeChat groups.
Responding to the rumors, the Binance founder noted that Dubai is not a destination for surfing. However, traders quickly capitalized on the rumors to launch a series of small-scale meme coins on Solana and BNB Chain.
Fake news fuels the launch of low- Capital meme coins.
The fabricated post spread the information that CZ was swept out to sea near Jumeirah Beach while rescue teams were searching for him.
“According to witnesses and security forces at the scene, the surface of the sea appeared quite calm, however, the undercurrent was very strong. Zhao is believed to have been swept out to sea without being able to react and disappeared within moments. The coast guard and rescue teams quickly deployed speedboats, drones and helicopters to conduct a large-scale search,” the post stated .
Within hours, traders had released "copycat" Token on pump.fun and the BNB Chain meme launch platform , most of them named SEAZ and RIPCZ.
According to data from GeckoTerminal, several SEAZ pools on Solana have appeared with prices below one-thousandth of a cent. Market Capital ranges from approximately $2,400 to $4,600, while liquidation is below $6,000.
The SEAZ instance on the BNB Chain, trading on PancakeSwap V2, has a market Capital of nearly $8,300 with liquidation of approximately $9,500. A SEAZ pool on Solana also recorded a volume of around $114,000 despite having only $5,683 in liquidation.
Meme coin SEAZ on Solana and BNB Chain. Source: Gecko TerminalFollow us on X for the latest news updates as they happen.
This wave is reminiscent of previous “Rug Pull” meme coin crashes on Solana . The majority of these Token dropped in price by 10% to 40% within hours of their launch.
CZ speaks out to refute the chain of rumors.
CZ has officially denied the rumors, stating that he prefers kite surfing to surfing. He even invited the community to join him on Surf Abu Dhabi.
The Binance founder had previously criticized meme coin traders for rushing to buy Token bearing his name.
"I'm not against meme, but meme coins have become 'a little' weird now," he Chia .
This incident is quite similar to previous instances of fake news about Binance, such as the rumor that Interpol issued a red notice, which caused the price of BNB to drop briefly.
This trend is also repeated in previous "FOMO" meme coin waves related to CZ, where retail investors rushed into Token with low liquidation and then quickly lost momentum.
