Again within the go-go days of 2021 the 2 largest names in crypto had been identified simply by their initials: SBF (Sam Bankman-Fried) and CZ (Changpeng Zhao).
They usually took to Twitter arguing with one another about the place the market was going and whether or not sure tokens had been overvalued. However there have been no larger names than SBF and CZ. They managed the largest crypto exchanges, outdoors of Coinbase: FTX and Binance.
Oh, how the mighty have fallen. We all know SBF goes to spend the following quarter century in jail, and yesterday, CZ was sentenced by a Seattle choose to 4 months after pleading responsible to enabling cash laundering at Binance.
The circumstances and the demeanor of the 2 former CEOs had been very completely different. SBF orchestrated a years-long fraud whereas denying he did something fallacious, whereas CZ admitted wrongdoing and took accountability for his errors, however investigators discovered no proof of fraud.
The sentences mirror these variations. CZ personally paid a $50 million tremendous and has been barred from the CEO function at Binance.
In the meantime, that is in all probability unrelated, however the value of bitcoin, ethereum and different main tokens are down considerably within the final 24 hours.
Featured
> Binance founder Changpeng Zhao sentenced to 4 months in jail after plea deal
By MacKenzie Sigalos, Ryan Browne
5 months after pleading responsible to cash laundering violations, Binance founder Changpeng Zhao was sentenced to 4 months in jail.
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