Key Points
- Binance founder CZ returned to social media with a tweet that gained over 1 million views in one hour.
- He was released from a California correctional facility after serving a four-month sentence related to inadequate anti-money laundering practices.
First Post-Prison Tweet from Binance Founder CZ
Following his release, Binance founder CZ marked his return with a simple tweet saying “gm” to greet the crypto community. This tweet quickly generated excitement, accumulating over 1 million views in just one hour.
Zhao was released after pleading guilty to charges brought by the Department of Justice in November. According to Scott Taylor, a reporter at the Bureau of Prisons, Zhao had been released from a Long Beach halfway house in California.
Background on CZ’s Sentence
In June, CZ was ordered to report to a low-security facility to begin serving his sentence as part of a plea deal related to serious allegations about Binance’s operations since its inception in Shanghai in 2017. The exchange has grown into a global operation facilitating trillions of dollars in trades each year.
Guilty Plea Involves Significant Financial Penalties
As part of his guilty plea, Binance founder CZ was handed a personal fine of $50 million. Additionally, Binance was required to pay a staggering $4.3 billion to settle the case, which involved numerous violations of anti-money laundering and sanction laws.
Following this settlement, Zhao stepped down as CEO of Binance and is now prohibited from ever serving as an officer within the firm again. Notably, Zhao is recognized as the wealthiest individual ever imprisoned in the United States, with an estimated net worth exceeding $60 billion, making him the 25th-wealthiest person globally.
Future Plans: Giggle Academy
In an announcement made shortly before his sentencing, Zhao revealed his plans for his next venture: Giggle Academy, an education platform that is currently hiring. Now that he is free, Zhao can focus on this project, which reportedly aims not for revenue generation but for educational purposes.
Conclusion
Binance founder CZ’s release marks a significant moment in the cryptocurrency world. As he returns to social media and unveils plans for his new venture, the community watches closely to see how he will navigate his future endeavors.
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