All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Binance founder Changpeng Zhao (CZ) disclosed at the Binance Blockchain Week in Dubai that he was the “poorest” inmate as he had just $200 in his account.
- He also spoke about his new educational platform, Giggle Academy, which is meant to give digital education to millions of people worldwide.
The Binance Blockchain Week in Dubai was all fun as Binance founder Changpeng Zhao made his first public appearance since returning from prison. According to our source, his entry was marked by a standing ovation from the crowd, who cheered his name and pulled their phones to film him walking up to the stage.
For context, Changpeng Zhao (CZ) was sentenced to a four-month jail term for violating the Bank Secrecy Act (BSA) as we formerly reported. Additionally, he was asked to step down from his CEO position and also pay a fine of $50 million. Meanwhile, he still retains his 90% stake in Binance.
At 15:55 Dubai time, Binance founder CZ appeared at the Binance Blockchain Week event venue and gave a content speech. Previously, CZ said he would attend the event as an individual. pic.twitter.com/TonD0fzvDF— Wu Blockchain (@WuBlockchain) October 31, 2024
What Happened at the Event
One of the first questions asked by the session moderator, Austin Arnold (founder of Altcoin Daily), was to narrate his prison experience. This drew laughter from the room, but CZ humorously explained how limiting this experience was. According to him, his freedom was taken away, so he had nothing to do but to forcefully reflect.
Elaborating on this, CZ explained how he missed his family, friends, and colleagues. In the same line, he discussed how his situation makes him the first person to go to prison over a Bank Secrecy Act violation.
While being imprisoned is very limiting, I learned important lessons there. One is that human connections are what you miss most when you are alone, but my time helped me refocus my energy.
When asked about the fairness of his imprisonment, CZ drew on the recent situation surrounding TD Bank. This bank pleaded guilty to violations involving the Bank Secrecy Act (BSA) and money laundering and agreed to pay penalties of over $1.8 billion. Meanwhile, its executives, despite being implicated in facilitating transactions, had their identities hidden. He also pointed to the fact that only the Bank was fined, hinting at his displeasure on how his case was handled.
More About the Discussion with Changpeng Zhao (CZ)
Back to his prison experience, CZ disclosed that he entered the facility as the “poorest” inmate. According to him, only $200 was in his account. Even so, he was advised to deposit $50 so that he does not appear rich. On top of that, his access to the computer was just 15 minutes a day.
Speaking on his current plans, CZ mentioned that half of his time goes into an educational platform called Giggle Academy. This is designed to provide digital education to those who lack the necessary resources. Just as we disclosed in our previous publication, CZ hinted that he has been focusing on investments in Artificial Intelligence (AI), biotech, and others.
Today there are about 700 to 800 million adults who are illiterate, and two-thirds of them are women. And on top of that, there’s about, depending on which report you read, there’s about 300 million to 500 million kids who don’t go to school. When you look at educational apps, educational projects, they’re all in places where … they’re all supplementing the existing education system.
