(Sad News)💔💔💔💔💔💔💔💔 US Sentences Binance Founder CZ to 36 Months in Prison🥹🥹🥹💔
Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, is set to serve a 36-month prison sentence after pleading guilty to violating anti-money laundering laws, U.S. prosecutors stated in court records on Tuesday.
Zhao, who is scheduled for sentencing on April 30 in Seattle, resigned as Binance’s CEO last November, when he and the exchange admitted to the misconduct and the company agreed to a $4.32 billion fine.
“Considering Zhao’s intentional violation of U.S. law and its consequences, the 36-month sentence as outlined is warranted,” U.S. prosecutors told the U.S. District Court for the Western District of Washington.
The federal sentencing guidelines set a maximum 18-month term for Zhao, who has agreed not to appeal any term until that deadline. He has been free in the U.S. on a $175 million bond.
The U.S. government stated that Binance failed to report over 100,000 suspicious transactions to designated terrorist groups including Hamas, al Qaeda, and the Some State of Iraq and Syria (ISIS).
Prosecutors also revealed that Binance’s platform facilitated the sale of child sexual abuse materials and was a significant recipient of proceeds from ransomware. Zhao, commonly known as CZ, has agreed to pay a $50 million fine and step away from Binance, the platform he founded in 2017.
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The next $BTC halving is expected to occur on April 19, 2024, when the block height reaches 840,000. This event will see the block reward drop from 6.25 BTC per block to 3.125 BTC.
$BTC halvings are significant events that reduce miners' rewards and the supply of new bitcoins. Historically, each halving has preceded significant price surges for Bitcoin, as the reduced supply has often led to higher prices due to steady demand. The upcoming halving is expected to follow this trend, with some analysts predicting a major parabolic uptrend after the event.
The halving process is designed to continue every 210,000 blocks until around 2140, when all 21 million bitcoins will have been mined. This controlled supply mechanism is a fundamental aspect of Bitcoin's economic model and is closely monitored by the cryptocurrency community.