As a seasoned crypto investor with a knack for keeping tabs on the industry’s key players, I’ve followed CZ’s journey closely. It’s quite ironic that while Binance Coin (BNB) is seeing a modest recovery, its founder, CZ, finds himself in a rather different kind of downtrend – serving time.
Last Thursday, there were whispers circulating among us crypto enthusiasts on the social media platform once known as X (previously Twitter), suggesting that Binance‘s co-founder and former CEO, Changpeng Zhao, or CZ for short, had been unexpectedly freed from prison ahead of schedule, four months before his full sentence was due to end. However, more recent news has shed a different light on the situation.
CZ Shifted To Long Beach Facility
Despite the buzz going around, I must clarify that I haven’t fully regained my freedom. Instead, I’ve been moved to a management facility in the greater Los Angeles region, exactly 38 days prior to my expected discharge from detention.
As per details from the United States Federal Bureau of Prisons (BOP), Zhao has been categorized as an inmate under the supervision of the Residential Reentry Management (RRM) Long Beach branch, a division that handles federal convicts residing in central and southern California.
As a crypto investor, I’ve been following the news about Zhao closely, and it seems his legal troubles stem from a guilty plea he made in November for breaching the Bank Secrecy Act (BSA). In April, a federal judge handed down a sentence that was shorter than what prosecutors asked for but still longer than penalties given to other cryptocurrency executives for similar crimes.
At the moment, Zhao is carrying out his punishment at Lompoc II, a low-security federal penitentiary located in Santa Barbara County, California. His situation stands in stark opposition to that of Sam Bankman-Fried, the ex-CEO of FTX, who is currently serving a 25-year sentence in New York’s Metropolitan Detention Center (MDC).
Binance Founder’s Legal Odyssey
In November last year, Zhao relinquished his position as CEO at Binance and admitted to a criminal charge, following an agreement with U.S. authorities. This settlement imposed a fine of $4.3 billion in civil penalties on Binance and barred Zhao from holding executive positions in any crypto firm moving forward.
As a crypto investor, I’ve always been intrigued by the story of Zhao. Before he found himself behind bars, he had planned to utilize his incarceration period for a writing project. Contrary to some online speculations, there’s no solid evidence to indicate that Zhao regained freedom after his transfer, as per the Bureau of Prisons (BOP) website, his release date remains September 29.
According to Bloomberg’s report, if imprisoned, Zhao could become one of the richest individuals ever held in U.S. history, with an estimated net worth of $36.5 billion.
Currently, the local currency equivalent of Binance Coin (BNB) is being traded at $585, marking its highest value in almost a month. This increase comes after the market plunge on August 5 that drove BNB down to a six-month low of $400.
On Friday, a general surge in the stock market was fueled by Bitcoin (BTC), the primary cryptocurrency. In response, Binance Coin experienced a 1.6% increase in value. Nevertheless, it’s worth noting that despite this rise, the fourth largest digital currency is currently 18% lower than its peak of $717 on June 6 this year.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- USD PHP PREDICTION
- EUR ILS PREDICTION
- CKB PREDICTION. CKB cryptocurrency
- USD COP PREDICTION
- TROY PREDICTION. TROY cryptocurrency
- LBT PREDICTION. LBT cryptocurrency
2024-08-24 10:41