May 01, 2024 09:08 AM IST
The founder of the world’s largest cryptocurrency exchange- Changpeng Zhao- was once the most powerful crypto industry figure.
Former CEO of Binance Changpeng Zhao has been sentenced to four months in prison after he pleaded guilty to violations of US anti-money laundering and sanctions laws last year. The founder of the world’s largest cryptocurrency exchange was once the most powerful crypto industry figure. With this, he becomes the second major crypto boss to be sentenced to prison after Sam Bankman-Fried of FTX.
Changpeng Zhao: Richest prisoner in history?
Changpeng Zhao is also the richest person to be imprisoned in the US and likely in the world as well. His personal fortune stands at $43 billion, as per Bloomberg which reported that his net worth is likely to grow even more while he is jailed amid the ongoing crypto bull run.
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Changpeng Zhao’s time at Binance
The 47-year-old stepped down as CEO of Binance last year but the company’s board of directors include many of his close friends, it was reported. He also retains an approximate 90% stake in Binance.
Changpeng Zhao’s sentence
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US District Judge Richard Jones in Seattle imposed a significantly shorter prison term on Changpeng Zhao while prosecutors had sought more than three years sought. The sentence is also below the maximum 1-1/2 years recommended under federal guidelines. In comparison to Sam Bankman-Fried, the sentence is lighter as the FTX boss has been given 25 years behind bars although he is appealing his conviction and sentence.
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What prosecutors said on the case?
US Attorney Tessa Gorman said on Changpeng Zhao’s sentence, “This was an epic day. Incarceration was critical in this case and we’re pleased with the result.”
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