As a researcher with a background in law and finance, I find the cases of Zhao and Bankman-Fried intriguing and complex. While both individuals have made significant contributions to the crypto industry, their conduct and subsequent legal consequences have been vastly different.
On April 30, Judge Richard Jones passed a sentence of four months in prison for Zhao, contrasting the U.S. Department of Justice’s suggested term of three years behind bars.
London-based legal expert Rabya Anwar spoke with crypto.news, sharing that the tales of Zhao and Sam Bankman-Fried, founder of FTX, have grown connected following swift actions by the US authorities against both individuals. According to Anwar:
“Zhao may have previously guided Bankman-Fried’s career before their falling out, yet their business approaches have been starkly different. Bankman-Fried has faced accusations of fraud and mishandling customer funds, which some consider a form of theft. In contrast, Zhao’s situation primarily revolves around the adequacy of anti-money laundering measures.”
Award-winning financial services lawyer, Rabya Anwar, Esq., told crypto.news.
Several aspects have contributed to the disparity in the sentences imposed on these two individuals. Anwar emphasizes the distinct characteristics of their wrongdoings and the severe harm inflicted by the FTX scandal on unsuspecting civilians.
Furthermore, within the crypto sphere on X, there’s been widespread dissemination of the number “4” since Zhao’s sentencing became public knowledge. This number is a symbolic gesture and viral meme created by Zhao to promote the four fundamental values of Binance, which he emphasized as early as 2023.
As a researcher, I will strive for simplicity in 2023 by focusing my efforts on fewer aspects. These areas include education, compliance, and product or service development. It is crucial to disregard fear-mongering, false information, attacks, and other forms of negativity that can hinder progress. For future reference, please consider linking back to this post when you share the number 4 in your tweets. Thank you.— CZ 🔶 BNB (@cz_binance) January 2, 2023
Autism Capital says that Zhao “literally memed his prison sentence into existence.”
CZ truly stands out as the exceptional one. Unlike Sam, he never squandered anyone’s funds. He remains a hero to many. Incredibly, he turned his prison term into reality through memes. Serving only four months in a low-security camp, he spent his time playing pickleball and meditating. Amazingly, he emerged with a staggering fortune of $47 billion. 🤩
— Autism Capital 🧩 (@AutismCapital) April 30, 2024
After receiving his sentence, Zhao expressed his intention to serve out his prison term and move on to the next phase of his life, emphasizing his plans for further education.
Crypto Patel, a prominent figure in the cryptocurrency sphere, voiced his approval of Zhao, remarking, “He’s no criminal. Instead, he’s an innovative mind and a firm believer in the transformative power of cryptocurrencies for our future.”
Yesterday was a demanding day for me as I stood next to Changpeng Zhao, the visionary founder of Binance, preparing for sentencing. I’ve had the privilege of observing CZ up close, and he’s more than just a leader in our industry. He is an ardent champion for cryptocurrency’s transformative power, believing deeply in a future where it revolutionizes finance and commerce.
— Crypto Patel (@CryptoPatel) May 1, 2024
RobinTheFarmer, another user on the X platform, highlighted Zhao’s backing for Terra (LUNA) and Luna Classic (LUNC), as well as their engaged community.
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2024-05-01 12:08