"Binance Founder, CZ, Describes Unpleasant Prison Stint"
In a nutshell
- Changpeng "CZ" Zhao, Binance's founder, shared his experience of enduring a "scary" and "difficult" four-month stint in a US prison in a recent interview.
- Zhao emphasized he wouldn't wish the ordeal on anyone and revealed that, as a result, his perspective has changed, putting health and family before work.
- The crypto mogul was convicted of money laundering violations, prompting him to step down as CEO as part of a $4.3 billion settlement.
- In the prison, Zhao encountered a cellmate sentenced to 30 years for double murder and faced several challenges, including having his stay potentially extended indefinitely by new charges.
- He was in a low-security prison due to good behavior, but he wasn't treated any differently because of his status in crypto or his purported massive wealth.
- Zhao shared that overall, the experience brought him closer to his family and made him realize what truly matters in life. He hinted at a book detailing his prison experience coming soon.
- Interestingly, his tough experience may have influenced his stance on SBF, his former sparring partner now serving a 25-year sentence for multiple fraud and conspiracy charges. Zhao seems to have softened his view on SBF, stating he doesn't wish someone to go through a prison experience, but also acknowledges that bad behavior needs to cease.
Scene
Binance founder Changpeng "CZ" Zhao opened up about his harrowing four-month stint in a US prison, describing it as "terrifying" and "extremely hard." Zhao, who had pleaded guilty to money laundering violations and was forced to step down as CEO, detailed the intimidating and dehumanizing process of entering prison, including having to submit to a humiliating strip search.
During his time in prison, Zhao had a cellmate with a 30-year sentence for double murder. Upon sharing a cell with him for a few weeks, they managed to develop a friendly rapport. Recounting the experience, Zhao expressed that it was "scary" and he felt fearful for his safety.
Despite the status he holds in the crypto world and his alleged multi-billion-dollar fortune, Zhao stated that he wasn't treated differently by inmates. However, prison employees took special measures when dealing with him due to his central monitoring.
The hardest part for Zhao was the mental strain caused by the uncertainty of the prison system, as new charges could lead to an extension of his stay. He claimed that this ordeal made him understand what truly matters in life, reaffirming the importance of health and family while emphasizing the secondary role of work.
Looking ahead, Zhao plans to share further details about his prison experience in a forthcoming book. This experience may have also weighed on his perspective towards Sam Bankman-Fried (SBF), his former sparring partner now serving a 25-year prison sentence after being found guilty of multiple fraud and conspiracy charges. Zhao appears to have softened his stance on SBF, acknowledging that long prison sentences don't always lead to reformation but cautioning that bad behavior needs to be curbed.
Disclaimer: The author's opinion does not necessarily reflect the beliefs or position of Decrypt or its sister company, Rug Radio.
Daily Debrief Newsletter
- Changpeng "CZ" Zhao, the founder of Binance, spoke about his harrowing four-month experience in a US prison, stating it was terrifying and extremely hard.
- Despite his central role in the crypto world and rumored multi-billion-dollar fortune, Zhao was not treated any differently by inmates, although prison employees took special measures when dealing with him due to his central monitoring.
- A significant challenge for Zhao was the mental strain caused by the uncertainty of the prison system, as new charges could potentially extend his stay indefinitely.
- This upsetting experience may have influenced Zhao's views on Sam Bankman-Fried (SBF), his former sparring partner currently serving a 25-year prison sentence for multiple fraud and conspiracy charges.
- Zhao plans to release a book that provides more insights about his prison experience and sheds light on his evolving stance regarding SBF's prison sentence.
