- Binance founder CZ will step out of custody on Friday.
- Changpeng Zhao has a net worth of a massive $60 billion.
- Millions in USDT were transferred to Binance as Bitcoin reclaimed $65,000.
Changpeng Zhao, co-founder of crypto exchange Binance, known as CZ to the crypto world, has been released from federal custody in California, Friday. The crypto entrepreneur served a four-month sentence for failing to implement anti-money laundering policies within Binance exchange.
A Fortune report detailed how Zhao spent two months at a minimum-security prison before being transferred to a halfway house in Long Beach, where he was allowed supervised excursions. Now that he’s free, Zhao will have access to his $60 billion net worth and, with his legal troubles behind him, can focus on planning his future.
Early Release and Travel Plans
Fortune noted that since CZ’s release date falls on a weekend, he was released two days early, per prison rules. He most likely would travel to Dubai or Paris, where his family lives. During his sentencing hearing, which included testimony from Zhao’s mother and sister, the crypto entrepreneur said:
“For the next chapter of my life, I want to provide opportunities for others, namely our youth. I’m building a platform to provide high-quality education for underprivileged kids, all around the world, for free.”
Beyond his reunion with family, Zhao might re-enter the crypto industry and focus on new projects. He cannot actively participate in Binance’s activities, as he was required to step down as chief executive. Richard Teng has since taken over as CEO of the world’s largest digital asset trading platform by trading volume.
Millions Flow into Binance
Meanwhile, Binance saw an influx of funds alongside the latest Bitcoin‘ price surge.
Read also: DeFi Markets Brace for Volatility as $568 Million in Tokens Prepare to Unlock
Despite CZ’s absence, Binance continued to see significant activity. Whale Alert identified a series of large transfers, totaling over 220 million USDT, moving into Binance as Bitcoin surged to a multi-week high of $65,000. This influx of stablecoins suggests traders are capitalizing on the market rally, which has pushed the total crypto market cap to $2.31 trillion.
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Source: https://coinedition.com/bitcoin-surges-cz-is-released-and-binance-is-raking-it-in/