Recently, in a post on the X platform, Ki Young Ju, CEO of CryptoQuant, expressed his support for Changpeng Zhao (CZ), the former CEO of Binance, as his four-month prison sentence approaches.
CZ will begin serving his sentence in June 2024 after being convicted of violations of the US Bank Secrecy Act (BSA).
His conviction included failing to prevent money laundering through Binance, resulting in a $4.3 billion fine for the company and a $50 million personal fine for CZ.
He is expected to be released on September 29, 2024.
Ki Young-joo pointed out in his post on the X platform that CZ acknowledged the mistakes he made, and also stressed his great contributions to the crypto industry.
And as a quote from his tweet:
Don't underestimate CZ, he deserves respect.
He added that society often blames industry heavyweights for the sector's misdeeds, especially when the true value of the industry does not exceed the money invested in it.
He explained that the crypto sector, like many emerging sectors, went through a phase of âgrowing pains,â noting that the spread of crimes such as hacking and fraud negatively affected its progress.
He considered that âCZâ became a victim of these challenges, but he stressed that this does not diminish its significant role in the development of the industry.
He said:
While he made mistakes, his prison term also reflects the challenges facing the sector as a whole.
He stressed that Binance was a major factor in attracting global liquidity to the crypto world.
Crypto Community Reactions:
Ki Young-Jooâs statement did not go without criticism, with Ari Paul of BlockTower Capital sparking controversy by comparing CZ to Sam Bankman-Fried, the founder of FTX.
Paul claimed that CZ committed crimes similar to those committed by Bankman-Fried, but escaped a harsher sentence because of his ability to influence foreign governments and the information he provided to authorities.
He stressed that CZ's actions have destroyed many lives and that some Binance executives have disappeared as a result of these actions.
Ki Young Joo responded to these criticisms by pointing out that Binance has never used user funds, and that data on the network proves the difference between Binance and FTX management.
He explained that âCZâ was not accused of using clientsâ money, but of inciting money laundering.
He added:
If âCZâ was a criminal as some claim, the authorities would not have released him even with a deal.
Joe concluded by saying that the suspicions about Binance are very similar to the rumors circulating about Tether, as there is no conclusive evidence to prove these accusations.
.$BNB
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