The fact that former Binance CEO Changpeng Zhao was serving a four-month prison sentence may have actually been quite a lucrative career move. In fact, from the time he entered a California prison earlier this summer until his release last week, the Binance founder made more money than most CEOs can make in a lifetime.
While most of his fortune is in private company stocks, Forbes calculated CZ's net worth and found that he could have made billions of dollars while in prison. According to one estimate, he could have made $25 million a day while in prison.
It should be noted, however, that another news agency, Bloomberg, which follows a more conservative methodology, believes that CZ actually lost money while in prison.
A detailed commentary on these estimates is provided below.
In November 2023, CZ pleaded guilty to knowingly violating the Bank Secrecy Act by admitting to laundering money through #Binance . com. As a result, he stepped down as CEO, paid a $50 million fine, and agreed to never again publicly contest the statement of facts in the U. S. government's case against Binance.
the judge then recommended that Sittuck be jailed in Seattle. However, for nearly five weeks, sentencing procedures and court proceedings delayed sending CZ to prison. Eventually, on June 2, 2024, the Bureau of Prisons placed him in Lompoc II, a minimum security prison near Santa Barbara.
After his incarceration in prison, the probation office scheduled his release for September 29. However, his release date coincided with the weekend, so he officially left the Long Beach shelter two days early. On the day of his release, he tweeted the standard cryptic greeting.
CZ thus spent 117 days in jail from June 2 to September 27, 2024. Before going to jail, he paid a $50 million fine, which is not a determining factor in the fluctuation of his net worth from admission to release.
Now that the exact amount of DTS is known, it is necessary to calculate the change in CZ's net worth.
Although CZ has disclosed his ownership of #BTC and #BNB crypto assets, the majority of his net worth is in the form of shares in Binance-related companies.
Read us at: Compass Investments
