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That 4-month jail term didn't come free: he's also paying a $4bn fine to the DOJ, which is likely a big chunk of the money he made. Binance is also being pushed
by rchaud 3y ago
That 4-month jail term didn't come free: he's also paying a $4bn fine to the DOJ, which is likely a big chunk of the money he made. Binance is also being pushed out of operating in a lot of countries, so he won't have the same potential to make billions more in what was a Wild West market.
https://www.wsj.com/finance/regulation/binance-copped-a-4-billion-plea-but-is-still-fighting-the-sec-44a4e5a5 https://www.wsj.com/finance/regulation/binance-copped-a-4-bi...
- mlyle 3y agoFor clarity, he's paying a $50M fine; Binance is paying a multi-billion dollar fine. The latter is not measured against the "money he made", but instead the value of Binance.
- matthewdgreen 3y agoAnd Binance will come out of this a relatively "legitimate" major player, which makes it worth the costs.
- rchaud 3y agoBinance money is effectively CZ's money, he's likely the majority owner.
- erikig 3y ago...Zhao is widely reported to have an estimated 90% stake in Binance.[1] [1] https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zh...