Once riding high on the cryptocurrency boom of 2021, standing at the top of the wealth pyramid, who would have thought that such a 'cryptocurrency tycoon,' with a fortune of $94.1 billion, would end up being ridiculed by the world as a 'great victim,' even being humorously referred to as 'the person who believes in U.S. law the most in the world.'

Zhao Changpeng readily paid a fine of 53.1 billion RMB and obediently pleaded guilty, but crucially, he couldn't completely escape disaster, as he was relentlessly attacked and had to cooperate with a smile. Knowing the risks were so high, why did he willingly jump into the fire? Born in 1977 to an intellectual family in Lianyungang, Jiangsu, he was supposed to follow a steady path to academic success, but fate took a sharp turn when he was ten. Following his parents' immigration to Vancouver, Canada, his life began a 'big map' mode. Compared to his peers in China, he was already at the forefront of the starting line.

Julia showed exceptional talent, already a 'little programmer' in high school, winning programming competitions effortlessly. He later smoothly entered the top university McGill, majoring in computer science and minoring in economics. He raced down both financial and technological tracks, laying a solid foundation for his future cryptocurrency legend.

After graduation, he chose to head east to Japan, developing a trading order system at the Tokyo Stock Exchange. Although ordinary, this laid the foundation for his future financial acuity. In just a few years, he reached the peak of his career, switching to the globally renowned Bloomberg as the technical director of futures software.

At 27, while others were still struggling for promotion, he had already begun managing a multinational team. Not wanting to stay in his comfort zone, he resigned and returned to Shanghai to establish 'Fuxun,' a company specializing in developing high-frequency trading systems for brokerages.

Speaking of Zhao Changpeng entering the cryptocurrency world, it was thanks to a rather dramatic 'card game.' In 2013, he and BTC China's CEO Li Qiyuan, along with another investor, gathered for a casual game, which unexpectedly turned into his 'introductory course.' The two talked endlessly about Bitcoin, and he felt a strong urge, selling his luxury mansion in Shanghai and investing all his savings.

The facts proved that he made the right bet! In 2017, the price of Bitcoin skyrocketed from a few thousand dollars, becoming the hottest investment globally. Seizing the opportunity, he quickly founded Binance, a platform specializing in cryptocurrency trading.

This move was timely, perfectly executed. It soared with astonishing speed right after its launch. In the first three months after its establishment, profits reached $7.5 million, and within six months surpassed $200 million, directly leaving other competitors in the dust.

Did you think stock exchanges were already very profitable? You haven't seen the scale of Binance. Daily trading volume once exceeded $70 billion, roughly equivalent to 500 billion RMB, almost rivaling the largest stock markets in the world. He could earn hundreds of millions of dollars just from transaction fees alone, truly achieving 'lying down to make money.'

His net worth surpassed $94.1 billion, making him the richest Chinese person globally, even surpassing established billionaires like Zhong Shanshan and Li Ka-shing.

On the global billionaire list, he ranks 11th, standing shoulder to shoulder with Facebook founder Mark Zuckerberg, truly enjoying limitless glory, resembling a 'financial genius' of the new era.

However, unforeseen troubles soon arrived. The faster he developed and the more money he made, the greater the hidden worries behind it. How could a giant standing at the forefront not attract the attention of regulatory agencies?

Former Chinese billionaire Zhao Changpeng: paid a fine of 53.1 billion, becoming the world's most gullible believer in the United States. In 2018, the U.S. Department of Justice took the lead, with a clear reason—suspected money laundering, unlicensed remittances, violations of U.S. sanctions, and even more shocking accusations.

As the 'big brother' of the global financial market, once it feels you are touching its interests, it will not easily let go.

From initial skepticism to later comprehensive suppression, almost all possible charges were pressed against Zhao Changpeng, enough to make him 'sit through the entire sentence.' The question arises: knowing the investigation in the U.S. was so severe, why did he still dare to go willingly? He had already reached a dead end.

Since 2017, global regulations have tightened. He led the Binance team from Japan to Malta, then to the UK, Singapore, the UAE, and even Vietnam, with hardly any 'pure land' to settle down. No matter where he went, he could hardly escape the 'scythe' of regulation.

In the end, with no way out, he simply decided to negotiate with the U.S. Department of Justice and voluntarily plead guilty. The calculation was clear: paying money was certainly better than being arrested. He resigned as CEO, letting Binance pay a fine of $4.368 billion, while he also obediently forked out $50 million, believing this 'cutting losses' would end the matter.

Little did he know, the second blow soon came. The U.S. Commodity Futures Trading Commission (CFTC) added an additional fine of $2.85 billion, and within a month, Binance was 'squeezed' for over $7 billion. This was just the beginning; next, the U.S. Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) were also queuing up for him.

Do you think Zhao Changpeng was tricked? Opinions are divided.

But one thing is evident: he was forced into a corner, his desire to return to the UAE to reunite with his family was firmly rejected, leaving only a long legal torment.

The original ideal of cryptocurrency was decentralization—'no government, no regulation, everyone trades freely,' which sounds beautiful, but the reality is stark. Binance's success became the biggest 'original sin,' as governments could not tolerate an uncontrollable financial giant.

Zhao Changpeng thought he had created a utopia of free finance, but in reality, he touched the core interests of the global monetary system.

Wealth and technological advantages are almost insignificant in front of the national machinery; they cannot compete with government regulatory means. As he later said: money can never be fully paid, and troubles can never be completely avoided.

Conclusion

Every era's challenges and opportunities give rise to countless possibilities. Although he was mired in trouble, it was precisely this fearless exploration and spirit of daring to take risks that allowed him to shine on the global stage.

Failure is the mother of success, and adversity is always an opportunity for growth. When facing difficulties, one should not easily give up but should learn from the experience and accumulate wisdom, laying a solid foundation for future success.

The world is full of uncertainties, but anyone who bravely takes a step forward may create their own brilliance!#ADA、ENA大额解锁