The sentencing hearing for Binance founder Zhao Changpeng (CZ) will be held on Tuesday, according to Bloomberg analysis. If Zhao is sentenced, he will become the richest prisoner in US prison history. His wealth has not been affected by the possibility of imprisonment and may further increase in the future.
(Prior Summary:
CZ’s sentence prediction? Polymarket: 44% believe Zhao Changpeng will be “imprisoned for less than 6 months”.
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(Background:
CZ’s sentencing result will be announced on April 30th! The US Probation Office recommends 5 months probation, while the Department of Justice seeks a 3-year sentence. Be cautious of BNB volatility.
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The sentencing hearing for Binance founder Zhao Changpeng (CZ) will be held on April 30th, US Pacific Time, and the market is eagerly awaiting how long his sentence will be.
According to the memorandum on sentencing released by the US Department of Justice last week, they have requested a sentence of 3 years of imprisonment for Zhao Changpeng. However, the US Probation Office has recommended a 5-month probation. On the decentralized prediction platform Polymarket, 44% of gamblers believe Zhao Changpeng will be sentenced to less than 6 months.
According to Bloomberg, if the Seattle Federal Court in the United States does sentence Zhao Changpeng, CZ will become the richest prisoner in the history of US federal prisons. This is because Zhao Changpeng’s ownership of Binance and his personal wealth of approximately $43 billion have not been affected by the case. With the growth of Binance’s business in the new bull market, his wealth may further increase.
Zhao Changpeng’s influence remains strong. In November last year, Binance reached a settlement agreement with the US Department of Justice, the Commodity Futures Trading Commission (CFTC), and other institutions. Binance pleaded guilty and agreed to pay a $4.3 billion fine, while Zhao Changpeng admitted to charges of violating US anti-money laundering laws and resigned as CEO of Binance.
According to the report analysis, although Zhao Changpeng gave up his position as CEO to reach a settlement with the US government, his influence on Binance remains significant. The newly appointed board members of the company are mainly his loyal friends, and He Yi, the mother of Zhao Changpeng’s three children, also plays an important role in Binance’s operations.
Despite facing a series of severe accusations from US authorities and a decline in its dominant position, Binance still maintains a leading position in the cryptocurrency spot and derivatives markets. Binance added over 40 million users last year, a 30% growth compared to the previous year, and its exchange customer holdings have surged to over $100 billion.
According to Bloomberg’s estimate, within the 12 months ending in March of this year, Binance may have achieved an annual revenue of $9.8 billion.
Another report suggests that the reason Binance has been able to persevere is largely because the situation of Binance and Zhao Changpeng is very different from that of FTX and its founder SBF. After being convicted, SBF was sentenced to 25 years in prison and currently has an estimated net worth of $0. However, the US Department of Justice’s charges against Binance do not include situations involving the misuse of customer funds.
Apart from the stark differences in business styles between Zhao Changpeng and SBF, what is more important is that Binance has been able to effectively handle the market’s volatile fluctuations. Austin Campbell, a professor at Columbia Business School and blockchain company consultant, stated:
(Related Reports)
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Heartwarming Support Letter from He Yi: Your Honor, let me show you the real Zhao Changpeng, CZ
Apology Letter from Zhao Changpeng (CZ) before Trial, 161 People Plead to the Judge, He Yi: He is the Guardian of the Cryptocurrency Wilderness.