Chinese internet entrepreneur Luo Yonghao has launched a public offensive against Binance Wallet after discovering an unauthorized meme token bearing his name and profile picture listed on the platform. In a direct message to Binance co-founder Changpeng Zhao (CZ) on X, Luo demanded the immediate removal of the token to prevent investors from being misled.
Luo acknowledged that the token had not yet entered the main Trading Platform tab and was only visible in the Wallet tab, but stressed that its presence on Binance’s infrastructure still posed a risk. Following his complaint, Binance Wallet blocked the token from its internal search results and added hidden characters to its displayed name. However, the smart contract remains active on the blockchain, and direct links or contract addresses continue to work, highlighting the immutability of on-chain assets.
Despite the partial censorship, Luo expressed frustration that his profile picture remained visible and argued that users could still be deceived. He went on to criticize the broader crypto industry, asserting that while Bitcoin was created to help people avoid institutional exploitation, it has instead enabled scammers to exploit retail investors. Luo also revealed he had been approached by ICO promoters in 2018, offering generous payments just for staying silent about fraudulent projects—an offer he claims to have rejected, even as his own company Smartisan Technology collapsed with $89 million in debt.
The incident draws attention to Binance Wallet’s “Meme Rush” program, a feature that allows early access to meme tokens before they migrate to platforms like PancakeSwap. CZ himself has previously cautioned that buying meme coins based solely on hype almost guarantees losses. The controversy underscores the tension between blockchain immutability and the need for brand protection in a rapidly expanding speculative market.
