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Who Is This Prisoner? Has Whopping Net Worth Of $43 Billion

By Fnf correspondent | PUBLISHED: 03, May 2024, 18:14 pm IST | UPDATED: 03, May 2024, 18:14 pm IST

Who Is This Prisoner? Has Whopping Net Worth Of $43 Billion

New Delhi: Changpeng Zhao aka CZ, the founder and former CEO of Binance, the largest cryptocurrency exchange in the world, has been given a four-month prison sentence, making him the richest prisoner in the world. 

Meanwhile, Changpeng Zhao wrote on X (formerly twitter) that he will complete his jail term and plans education as his next chapter when he is out of jail.

I would like to thank everyone for your care and support, be it writing letters, showing support on X, or in any other form. They all mean a lot to me and keep me strong. I will do my time, conclude this phase and focus on the next chapter of my life (education). I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important. A silver lining of this whole process is that Binance has been under the microscope. And funds are SAFU. Protect users!," he wrote.

1. Zhao, who owns Binance and has a net worth of around $43 billion, will become one of the wealthiest prisoners in history due to his prison sentence, a media report has said. 

2. According to a media report, Binance agreed to pay $4.3 billion to settle charges against Zhao in February after Zhao pleaded guilty to violating US anti-money laundering laws. 

3. The 47-year-old received a term for his inability to stop terrorist groups and cyber criminals from engaging in unrestricted trade on Binance, a media report said. 

4. With the conviction, Zhao has become the wealthiest person to go to prison and the second prominent cryptocurrency magnate to be imprisoned following Sam Bankman-Fried of FTX.

5. Zhao's $43 billion worth of assets will not be affected by the sentence, a report has said. 

6. Binance's business grows amid cryptocurrency's latest bull run, therefore Zhao's wealth is expected to increase even further, as per a media report.

7. Zhao stepped down as Binance CEO in 2023, although he still owns an estimated 90% stake in the biggest cryptocurrency exchange in the world. 

8. The business that Zhao founded is still thriving and has maintained its position as the most significant cryptocurrency exchange throughout.

9. The report stated that Zhao's influence over the business is still there considering that his close friends make up the majority of the board of directors.

10. Since its founding in 2017, Binance has grown to become a multinational business with the largest cryptocurrency exchange in terms of daily trading volume, making its creator, Zhao, a billionaire.

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