CZ "I'll do my best": Binance founder looks ahead to life after prison
Hours after being sentenced to four months in prison in a Seattle courtroom, crypto billionaire Zhao took to Twitter to thank supporters and offer a "silver lining" to the months-long legal process.
"I'll do my time, end this phase, and focus on the next chapter of my life," Zhao wrote. "I will continue to be a passive investor (and holder) in crypto. Our industry has entered a new phase."
He noted that education will be his focus after prison -- likely through Giger Academy, which he announced in March while awaiting his court appearance.
"I want to thank everyone for their concern and support, whether it's writing letters, showing support on X, or in any other form," Zhao wrote. "They mean a lot to me and keep me strong."
He also praised his former company and reinforced the overall theme of his case.
"The silver lining of this whole process is that Binance has been under the microscope and the funds are SAFU," he said. "Compliance is very important...protecting users!"
Zhao pleaded guilty last year to federal money laundering charges that focused on Binance's corporate culture, which federal prosecutors said neglected fraud prevention in favor of growth. He was forced to leave the company and pay a $50 million fine.
The U.S. Department of Justice said that given the severity of Zhao's crimes, he should be subject to stricter sentencing guidelines and asked the judge to sentence him to three years in prison. Tuesday's sentencing began with arguments about the appropriate sentence, with prosecutors hoping to use the case to "send a message" to future bad actors.
U.S. District Judge Richard Jones disagreed and instead followed the recommendation of the federal probation office. Zhao will receive a reduction in sentence for time already served, and the four-year sentence could include 10 months in prison with the remainder of the time on supervised release.
"Everything I've seen about your history and characteristics is mitigating and positive," Jones told Zhao, according to The Verge.
After Zhao serves his prison term, his "next chapter" in education will likely include Giggle Academy, an online education platform for first-graders through high school students.He introduced the project with a concept paper that proposed "making basic education accessible to kids around the world who don't have free access to it today, getting them addicted and adapting."
"We are looking for teachers who can create digital content," he wrote at the time. "I'll be a student myself."
Just a week ago, he unveiled the colorful, smiling logo for the academy.
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