Changpeng Zhao (CZ) utilized his X account to reaffirm to his followers that he does not possess TST and has never purchased any memecoins.
Summary
It has been alleged that the TST token, which was initially introduced as a test token by members of the BNB chain team, has now established a website and social media account on X. The token is reportedly using the Binance logo without authorization.
Changpeng “CZ” Zhao, the former CEO of Binance, has once again publicly disassociated himself from the rapidly advancing TST token. The token’s upward trajectory appears to have been unaffected by the denial of ownership by CZ and the BNB Chain team.
Nevertheless, it appears that the Binance logo is being utilized on the official Twitter account and website for the TST token. Consequently, CZ utilized his X account to elucidate that BNB Chain did not participate in the development of the website or social media accounts.
CZ maintains a separation from the TST token
The TST token initially garnered mainstream attention in the cryptocurrency community as a result of a BNB chain team member’s creation of an educational video that demonstrated how to launch memecoins on the four.meme platform.
The TST token was developed as a demonstration asset for the video and was not intended for public trading. Nevertheless, the token experienced a significant increase in market capitalization following the video’s publication, reaching an estimated $41M before stabilizing at approximately $10M.
The BNB team has removed the TST tutorial video, and CZ has clarified that the token was never an official initiative of Binance or the BNB Chain team.
According to Lookonchain, an early consumer of the TST token is presently enjoying a $2M profit on their investment.
Changpeng Zhao repeated his denial of any involvement with the TST token on X (formerly Twitter). His posting was in Chinese, as the token’s discussions appear to be more prevalent in the Chinese market, where it initially garnered popularity.
Following the finding that the TST token now has an official website and social media account on X, which carries the Binance logo, CZ issued a statement regarding X.
“I have recently learned that TST has a website and an X account. I am aware that neither of them is in the hands of BNB Chain or any Binance-related team. A member of the community is responsible for its management.” CZ clarified, “I am unaware of its identity.”
CZ cautions against the infringement of copyright
CZ’s post on X not only disassociated him and the Binance team from the token, but it also cautioned the team responsible for the TST token to cease exploiting the “connection” to Binance and misrepresenting the community. “They utilized Binance‘s logo without authorization. This is a violation that necessitates modification.”
CZ also stated that he has not personally invested in the TST token, as he does not purchase memecoins. “I have never purchased or possessed TST, as is the case with all meme coins. Currently, it is a comprehensive community behavior. Please ensure your own safety and take responsibility for your actions.”
The creation of community-driven tokens is frequently organic and driven by the enthusiasm and excitement of the community. Although this decentralized approach has the potential to encourage innovation, it also presents certain risks to investors and prominent brands in the crypto industry.
In order to simulate legitimacy and establish investor confidence, these initiatives occasionally implement unauthorized branding. An illustration of this is the Hackathon G-AI, which utilized Solana’s logo without authorization to make up his endorsement.
The newly emerged TST token and Binance appear to be experiencing the same behavior.
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