Binance founder Changpeng 'CZ' Zhao sentenced to 4 months in prison

cyptouser3 months agoCryptocurrencies News51
Former Binance CEO Changpeng Zhao has been sentenced to four months in prison, according to a report from Bloomberg on April 30.

Zhao said during sentencing:

“I failed here … I deeply regret my failure, and I am sorry.”

Zhao’s final sentence is considerably less than the three-year prison sentence prosecutors were seeking — more than twice the recommended guideline for the relevant charges.

Zhao’s lawyers had argued for no prison time.

A separate report from Fortune noted that Zhao will pay a $50 million personal fine, allowing him to keep most of his $43 billion in personal wealth. Zhao will be the wealthiest individual in the US prison system, according to the report.

Zhao pleaded guilty to the DOJ’s charges in November 2023 and stepped down from his CEO role.

Mentioned in this article
Changpeng Zhao
The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

BlackRock leverages JPMorgan's new blockchain tools for instant collateral settlement with Barclay's

BlackRock used tokenized shares from one of its money market funds as collateral in a derivatives tr...

FTX faces backlash after proposed estimation of customers' Bitcoin at $16k

Bankrupt FTX seeks court approval to estimate its customers’ digital asset claims in U.S. dollars, a...

How DePINs are connecting farmers and businesses via blockchain

1205f261˃In a bid to revolutionize the global food commodity trade and empower farmers, farmer-cent...

Blockchain to enable universal reward system for loyalty programs: Interview with Aria Oh

Blockchain to enable universal reward system for loyalty programs: Interview with Aria Oh

55966e89˃Loyalty programs had come a long way from the copper tokens of the late 18th century. Moder...

This is how metaverse can become a $5 trillion business by 2030

This is how metaverse can become a $5 trillion business by 2030

1205f261˃Since coming to prominence in 2021, metaverse has become a key component of introducing Web...

5 crazy April Fools pranks that Crypto X almost fell for

5 crazy April Fools pranks that Crypto X almost fell for

25cc9d4a˃From Vitalik Buterin touting “degen communism” to a white paper from the Solana CEO for a t...