Changpeng Zhao vows to invest more in blockchain after being released from US custody
Date: 2024-09-30 Author: Gabriel Deangelo Categories: BLOCKCHAIN
Changpeng Zhao, known as CZ, has announced plans to increase his investments in the blockchain sector after serving a four-month prison sentence in the United States.
Zhao’s new investment areas
Over the weekend, Zhao announced on social media X that he plans to also invest in artificial intelligence and biotechnology. He emphasized that as a long-term investor, he is more interested in creating meaningful projects than in financial returns.
Education and Charity
CZ plans to dedicate a significant portion of his time to an educational initiative called Giggle Academy. This project aims to provide free education to students from grades 1 to 12 around the world. The academy is based on innovative approaches such as gamification, adaptive learning, and the use of blockchain technology. “Non-fungible tokens” will be used to certify students’ achievements.
“I intend to devote more time and resources to charity and educational programs. I already have several ideas,” Zhao said.
He also said that he is working on a book, two-thirds of which are already completed.
Lawsuits and Fines
On April 30, 2024, Zhao was jailed for four months for violating the US Bank Secrecy Act and failing to implement an effective anti-money laundering system at Binance. These measures follow his guilty plea in November 2023, in which he admitted that Binance engaged in transactions involving illicit funds and sanctioned countries such as Iran and Cuba.
Financial Status After the Crisis
As part of the plea deal, Zhao agreed to step down as Binance’s CEO and pay a fine of $50 million. Binance was also fined $4.3 billion, one of the largest corporate sanctions in U.S. history.
Despite the legal hurdles, CZ is still worth $30.8 billion according to the Bloomberg Billionaires Index, largely due to his significant stake in Binance.
