Binance founder CZ posts first tweet after release from prison
After the announcement, Binance founder Zhao Changpeng posted his first tweet in four months, greeting the cryptocurrency community with a simple "gm". The tweet caused quite a stir, with more than 1 million reads in an hour.
In June, Zhao Changpeng was ordered to serve his sentence in a low-security prison as part of a plea agreement related to serious allegations about how Binance has operated since its founding in Shanghai in 2017. Binance has grown into a global business that facilitates trillions of dollars in transactions each year.
Guilty plea involves millions of dollars in personal fines
Binance founder Zhao Changpeng admitted to a personal fine of $50 million. In addition to this, Binance was required to pay a huge fine of up to $4.3 billion to resolve a case involving a series of anti-money laundering and sanctions law violations.
As a result of the settlement agreement, Zhao Changpeng resigned as CEO of Binance and was banned from serving as an executive of the company in the future. Zhao Changpeng is the richest person ever to be imprisoned in the United States. His net worth is estimated at more than $60 billion, making him the 25th richest person in the world.
In a statement shortly before his sentencing, Zhao unveiled his next entrepreneurial project: the education platform Giggle Academy is hiring employees. Now he can focus on this project, which is reportedly not intended to generate revenue.