Changpeng Zhao Announces Writing Project Before Going to Prison

Changpeng “CZ” Zhao, the former CEO of cryptocurrency exchange Binance, has suggested he plans to “write something” during his next four months in prison.

At a hearing on April 30, Judge Richard Jones sentenced Zhao to four months in prison. The former Binance CEO pleaded guilty to a felony charge for failing to maintain an effective anti-money laundering program at the exchange. Zhao is expected to report to the federal correctional institution Sheridan Camp in Oregon or the federal detention center SeaTac in Washington at a date undetermined at the time of publication.

Before and after the sentencing hearing, CZ was active on social media hinting at his plans for X. The former Binance CEO launched a youth-focused cryptocurrency and blockchain education program called Giggle Academy. He also reached out to X’s 8.9 million followers and hinted at suggestions on how to spend time in prison.

Zhao said he had “nothing else to do,” and suggested he read the book and wait until the reporting date. He pleaded guilty to the felony charge in November 2023 and was granted $175 million bail, allowing him to travel around the United States without being held in jail. He will remain free until his probation or pretrial services office notifies him where and when he must report to the Legal Department.

With an estimated net worth of $33 billion, CZ would be one of the richest individuals behind bars. Prior to sentencing, Zhao’s lawyers submitted expert declarations that his wealth and status may pose a risk of theft and extortion.

Related: Changpeng Zhao was sentenced to four months and Sam Bankman-Fried was sentenced to 25 years. – why?

These factors may have contributed to Judge Jones not immediately putting CZ behind bars. The federal Bureau of Prisons is considering which facility would pose the least risk of physical harm to Zhao during his four months incarcerated at both FDC SeaTac and FCI Sheridan, which house violent offenders.

“After sentencing, (…) an appearance report is used to determine the appropriate institution for an offender to serve his or her sentence, select prison programs to assist the offender, and develop a case plan for detention and eventual release. It is used in prisons. ” states the Office of Probation or Pretrial Services website for the Western District of Washington.

Zhao has already paid a $50 million fine as part of a deal between Binance and U.S. authorities last November. The cryptocurrency exchange agreed to pay $4.3 billion to settle a “civil regulatory enforcement action,” but the matter did not resolve a lawsuit filed by the U.S. Securities and Exchange Commission.

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