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He'll pay $4.3bn in fines and likely be sentenced to probation or short home confinement instead of prison...in exchange for not being a US fugitive. He'll ste

He'll pay $4.3bn in fines and likely be sentenced to probation or short home confinement instead of prison...in exchange for not being a US fugitive. He'll step down from Binance and live the rest of his life with billions. Sounds like a good deal :)

deleted 3y ago
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ivanmontillam 3y ago
For a purposeful human being, that is also a miserable life. Pretty much like you cannot eat your favorite food anymore and have to settle with "the next best" (philanthropy, maybe?)
- boeingUH60 3y ago
  Haha, I was actually referring to being a US fugitive as the miserable life, which Zhao obviously wants to avoid.
  - rnk 3y ago
    Zhao can do new things with his billions. He can start new companies, work in new markets if he wants. If he can escape China's clutches with his money, I assume he can travel the world.
- hyperfuturism 3y ago
  I think he's relieved that he won't get lifetime prison, and even years in prison. Living at the top, to having no freedom must be very, very hard to stomach. I would take the deal too if I was CZ. Giving up some "power-grab addiction" for 100% freedom (and being a billionaire still), seems very good for him.
- fbdab103 3y ago
  Adam Neumann is still getting huge financing. There is always a way to keep hustling.
  - lenerdenator 3y ago
    ... for now. As interest rates stay above stupidly-low levels, he's not going to be able to pull the capital he used to.
RationalDino 3y ago
What billions will he wind up with? Binance did a lot of fraud and money laundering. Clawbacks are coming. There will be no fortune when the legal system is done with him.
- shawabawa3 3y ago
  It's obviously just speculation but someone in his position could very easily siphon off a few million in BTC/crypto at the very least, and almost impossible to detect/trace if done well
  - toomuchtodo 3y ago
    https://www.chainalysis.com/law-enforcement/ https://www.chainalysis.com/law-enforcement/ https://www.chainalysis.com/regulators/ https://www.chainalysis.com/regulators/
  - saalweachter 3y ago
    The second half of money laundering is you need a way to pretend to have income from a plausible source. People will ask questions like "How do you pay for your groceries?" and "Where did you find the money to buy a $37M penthouse?" and your paper trail needs to convince people the answer isn't "With the billions of dollars I embezzled."
    - bnchrch 3y ago
      I understand your point but I feel like even a 10 year old could come up with 100 plausible excuses. Many of them end with "Consultant", "Collector", or "Trader".
      - saalweachter 3y ago
        For whom did you consult? What collection did you sell? What trades did you make, with what starting capital? If you can't answer those questions -- questions the tax man at least will expect you to answer, and probably other people as well -- you might as well say "I found money in the street."

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ivanmontillam 3y ago

For a purposeful human being, that is also a miserable life. Pretty much like you cannot eat your favorite food anymore and have to settle with "the next best" (philanthropy, maybe?)

boeingUH60 3y ago
Haha, I was actually referring to being a US fugitive as the miserable life, which Zhao obviously wants to avoid.
- rnk 3y ago
  Zhao can do new things with his billions. He can start new companies, work in new markets if he wants. If he can escape China's clutches with his money, I assume he can travel the world.
hyperfuturism 3y ago
I think he's relieved that he won't get lifetime prison, and even years in prison. Living at the top, to having no freedom must be very, very hard to stomach. I would take the deal too if I was CZ. Giving up some "power-grab addiction" for 100% freedom (and being a billionaire still), seems very good for him.
fbdab103 3y ago
Adam Neumann is still getting huge financing. There is always a way to keep hustling.
- lenerdenator 3y ago
  ... for now. As interest rates stay above stupidly-low levels, he's not going to be able to pull the capital he used to.

RationalDino 3y ago

What billions will he wind up with? Binance did a lot of fraud and money laundering. Clawbacks are coming. There will be no fortune when the legal system is done with him.

shawabawa3 3y ago
It's obviously just speculation but someone in his position could very easily siphon off a few million in BTC/crypto at the very least, and almost impossible to detect/trace if done well
- toomuchtodo 3y ago
  https://www.chainalysis.com/law-enforcement/ https://www.chainalysis.com/law-enforcement/ https://www.chainalysis.com/regulators/ https://www.chainalysis.com/regulators/
- saalweachter 3y ago
  The second half of money laundering is you need a way to pretend to have income from a plausible source. People will ask questions like "How do you pay for your groceries?" and "Where did you find the money to buy a $37M penthouse?" and your paper trail needs to convince people the answer isn't "With the billions of dollars I embezzled."
  - bnchrch 3y ago
    I understand your point but I feel like even a 10 year old could come up with 100 plausible excuses. Many of them end with "Consultant", "Collector", or "Trader".
    - saalweachter 3y ago
      For whom did you consult? What collection did you sell? What trades did you make, with what starting capital? If you can't answer those questions -- questions the tax man at least will expect you to answer, and probably other people as well -- you might as well say "I found money in the street."