Former Binance CEO Destroyed Half a Million Dollars in Meme Coins!

Tue, 11 Nov 2025 21:51:47 +0000

⁣1⃣ In today’s episode: Spain arrests the suspected leader of a massive crypto pyramid scheme, CZ burns nearly $500K in meme coins and hints he may start selling them, Tesla shareholders reject funding for Elon Musk’s xAI, Coinbase Europe faces a €21.5M fine in Ireland for AML breaches, and Italian banks back the digital euro but call for more investment flexibility.

🚨 Suspected Crypto Pyramid Leader Arrested in Spain
Spanish police have detained a man known as CryptoSpain, accused of running a €260 million Ponzi scheme through Madeira Invest Club. Over 3,000 investors were affected as the operation promised returns from crypto, gold, and luxury assets — but payouts came only from new deposits. Authorities discovered a global network of shell companies and bank accounts in over ten countries used to conceal funds. After months of international investigation, the suspect now faces charges of fraud, money laundering, and leading a criminal organisation.

🔥 CZ Burns $490,000 in Meme Coins — and Warns He Might Sell the Next Ones
Former Binance CEO Changpeng Zhao (CZ) burned about $490,000 worth of meme coins sent to his donation wallet, including quq, SIREN, and BNBCARD. CZ stated that from now on, he may simply sell any new meme coins sent to the address, saying: “If you don’t want them sold, don’t send them.” The move sparked debate — supporters praised his transparency, while others worried it could affect meme coin prices. CZ’s cleanup aims to simplify his donation wallet and maintain clarity in public holdings.

🚗 Tesla Shareholders Reject Funding for Elon Musk’s xAI
Tesla shareholders voted down a proposal to invest up to $5 billion in Elon Musk’s AI company, xAI. Although votes were nearly split, abstentions — counted as “no” — caused the proposal to fail. Investors expressed concerns that the project could distract from Tesla’s main focus on transportation and energy. The board said it would reconsider future collaboration plans with xAI. Despite the rejection, Musk’s xAI continues integrating its Grok chatbot into Tesla vehicles and the X platform.

💶 Central Bank of Ireland Fines Coinbase Europe €21.5M for AML Failures
The Central Bank of Ireland fined Coinbase Europe Limited €21.5 million for inadequate transaction monitoring and delayed reporting of suspicious activities. Between 2021 and 2025, the company failed to monitor over €176 billion in transactions — about one-third of its total volume. Coinbase admitted the violations and cooperated with the investigation. Initially fined €30.7 million, the penalty was reduced by 30% under a settlement procedure. This marks Ireland’s first disciplinary action against a crypto firm under its AML programme.

💶 Italian Banks Support the Digital Euro but Demand Investment Flexibility
The Italian Banking Association (ABI) reaffirmed its support for the digital euro project, calling it key to Europe’s financial independence. However, ABI CEO Marco Elio Rottini warned that development costs should be spread evenly among institutions. He proposed a dual-track approach — combining the digital euro with private digital currencies issued by banks to boost innovation. The European Central Bank plans to begin testing in 2027, with a potential full launch in 2029. Italy stresses the need to protect bank deposits and ensure balanced regulation.

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⏱ Timestamps:
00:00 — Intro
00:17 — Episode overview
00:56 — Spain arrests crypto pyramid leader
02:43 — CZ burns and changes meme coin policy
03:44 — Tesla shareholders reject xAI funding
05:08 — Ad: MinerLink
06:01 — Coinbase fined €21.5M in Ireland
07:35 — Italian banks support digital euro
09:23 — Ad: CashBanx