Crypto King’s New Adventure: Will His Past Haunt Him Forever? 🤔

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Well now, gather ’round, folks, for a tale of Changpeng Zhao, or as the world knows him, CZ. Once the grand poobah of the crypto kingdom, he’s now donned a new hat, one that’s a tad more futuristic—AI and biotech, if you can believe it! But while he’s busy building castles in the sky, the regulators in France are digging up the past like a dog with a bone. 🐶

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From Binance to YZi Labs

Once upon a time, CZ was the undisputed ruler of the crypto realm, but after stepping down from his throne in 2023 and taking a little vacation in the slammer for four months—thanks to some compliance hiccups—he’s back with a shiny new venture called YZi Labs. It’s like Binance Labs, but with a twist of AI and biotech, because why not? 🎩

Now, instead of just nurturing blockchain startups, YZi Labs is casting its net wider than a fisherman on a good day. Under the watchful eye of Ella Zhang, a familiar face from the Binance days, they’re rolling out a 12-week residency program for startup founders. CZ’s back in the game, offering sage advice to the next generation of dreamers. 🌟

And wouldn’t you know it, YZi Labs has already made a splash with a $16 million investment in Sign, a platform that’s trying to clean up the mess of on-chain credential verification. They’ve whipped up a tool called TokenTable to tackle the pesky issues of airdrops—like token supply mismanagement and those pesky fraudsters. Talk about a tall order! 🧹

CZ’s still got his eyes on the blockchain prize, declaring, “Proper distribution builds trust, and verification is an essential part of it.” Sounds good, but can he really outrun the ghosts of Binance past? 👻

Binance’s never-ending troubles

Now, let’s not forget the storm brewing over at Binance. On January 28, the French authorities decided to turn up the heat, launching a judicial probe into alleged money laundering and tax fraud. It’s like a bad sequel that just won’t quit! 🎬

The Paris Public Prosecutor’s Office is digging into Binance’s shenanigans from 2019 to 2024, particularly focusing on money laundering linked to drug trafficking. It’s a real page-turner, folks! 📖

This whole mess started back in June 2023 when users cried foul over losing their hard-earned cash due to misleading info from the platform. Now, the allegations are spreading like wildfire across the EU, with Binance accused of operating without the proper paperwork. Yikes! 🔥

In response, Binance is waving its arms and shouting, “Not us! These allegations are ancient history!” They claim to have beefed up their compliance measures, but the legal woes keep piling up like dirty laundry. 🧺

2023 was a rough year for crypto exchanges, with U.S. authorities cracking down on the likes of Binance and Coinbase. While Coinbase is putting up a fight, Binance settled with the DOJ for a whopping $4.3 billion—talk about a hefty price tag! 💰

U.S. prosecutors accused Binance of running a “Wild West” operation, allegedly turning a blind eye to over 100,000 suspicious transactions. CZ had to step down, and Richard Teng took the reins, but the legal troubles didn’t stop there. Even Australia got in on the action, suing Binance for misclassifying retail clients. What a circus! 🎪

YZi Labs’ expanding investment portfolio

While Binance is busy dodging legal bullets, CZ is charging ahead with YZi Labs, investing in projects that scream “I’m not just a crypto guy!” In 2024, they threw money at 46 projects across various sectors, from decentralized finance to gaming. 🎮

In August, they backed Sahara AI, a startup that’s mixing blockchain with AI. They even managed to snag $43 million in a Series A funding round. Not too shabby! 💸

Then there’s MyShell, another AI startup that’s letting users build and share their own AI-powered applications. It’s like giving kids a box of Legos and saying, “Go wild!” 🧱

In November, YZi Labs dipped its toes into decentralized science with an investment in BIO Protocol, an accelerator for biotechnologies. They’re really casting a wide net, but CZ’s past keeps tugging at his coattails. 🎣

What’s CZ up to?

Even before his little vacation in the slammer, CZ was plotting his next move. Just days before reporting in, he tweeted about launching a new project—no tokens, just education. Sounds like a noble cause! 📚

Launching a new project.
No, no new tokens.
Education project.
More details soon…

— CZ 🔶 BNB (@cz_binance) March 18, 2024

Then came Giggle Academy, a free, gamified learning platform for kids. “No revenue. Gamified. Adaptive,” he proclaimed, as if he were unveiling the next iPhone. 🍏

My next project. @GiggleAcademy (No logo yet)

Free basic (grade 1-12 ish) education, for all.
No revenue.
Gamified.
Adaptive.

Read the Concept Paper at

We are HIRING. Small team, work directly with CZ.

— CZ 🔶 BNB (@cz_binance) March 19, 2024

After his release, he shared a delightful update about prison food, proving that even in the darkest times, one can find humor. “What a luxury to have more than one piece of fruit per day!” 🍌

gm, the food taste so good… And what a luxury to be able to have more than one piece of fruit per day!

I know some of you may have a lot of questions. I won’t have all the answers.

Let me chill for a bit. Then figure out the next steps. There are always more opportunities in…

— CZ 🔶 BNB (@cz_binance) September 29, 2024

He’s got big plans for Giggle Academy and is still keen on investing in blockchain and biotech. “I’m a long-term investor who cares about impact, not returns,” he says, as if he’s auditioning for a role in a feel-good movie. 🎬

In October, he made a grand return at Binance Blockchain Week, greeted by a standing ovation. When asked about his summer, he quipped, “It’s not good. It’s less fun than now.” Well, that’s one way to put it! 😂

As CZ and YZi Labs forge ahead, the specter of Binance’s legal troubles looms large. Will he ever truly escape the clutches of his past? Only time will tell, but one thing’s for sure—this story is far from over! 🕰️

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2025-01-30 02:52