Meet world's richest prisoner who was fined Rs 1600 crore, has net worth of Rs 36032 crore, arrested for...

Changpeng Zhao, better known as "CZ," the former CEO of Binance and once considered one of the most influential figures in the cryptocurrency industry, has been sentenced to four months in prison. This sentence comes after Zhao pleaded guilty to violating U.S. money-laundering laws. Zhao's conviction places him as the second major cryptocurrency executive to face prison time, following Sam Bankman-Fried, the founder of the now-bankrupt FTX exchange, who was sentenced to 25 years in prison for embezzling billions of dollars from customers.

Zhao's sentencing took place on April 30, marking a major turning point in the world of cryptocurrency. Prior to his sentencing, Zhao was out on a USD  175 million bond. As part of his plea agreement, he agreed not to appeal any sentence within federal guidelines and paid USD 50 million to the US Commodity Futures Trading Commission. His settlement also included a USD 4.3 billion deal to resolve a lengthy investigation into Binance’s operations.

Born in China in 1977, Zhao moved to Canada in 1989 when he was 12 years old, following the Tiananmen Square crackdown. He went on to pursue work in Tokyo, New York, and eventually Shanghai, where he discovered the emerging field of cryptocurrency. In 2017, he founded Binance, which soon became the world’s largest crypto exchange. However, despite a decline in market share this year, Binance still controls about half of the global crypto trading volume.

Known for his secretive and authoritative leadership style, Zhao kept a tight grip on Binance, often making key decisions on operational details while engaging with global leaders on social media. He also built a close circle of associates, many with ties to China. Even as Binance expanded, Zhao’s control over the company remained strong.

With a net worth estimated at Rs 3,59,058 crore, Zhao was not just the richest person in crypto but is likely the wealthiest individual ever to serve time in prison. His guilty plea and prison sentence signal the growing regulatory pressures facing the crypto industry. As Binance moves forward without its founder at the helm, the industry will closely monitor how the company adjusts to ongoing legal scrutiny and evolving financial regulations.

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