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Binance co-founder Zhao set to keep on growing his $33 billion fortune even as he heads to prison for four months
Binance founder Changpeng Zhao expected to see his $33 billion personal fortune continue to climb while he's in prison.
Gabriel Abed, the board's chairman and one of its independent members, told U.S. District Judge Richard Jones that Zhao was "distinguished by a stoic composure and genuine humility" and that "despite his significant achievements," he maintained a lifestyle marked by simplicity including dressing in clothes bought on Amazon, driving a Toyota and wearing an Apple watch. Notably, because Zhao pleaded guilty to only one count of violation of the U.S. Bank Secrecy Act (BSA), he is regarded as a first-time offender, and thus reached a settlement with federal authorities to step down as CEO and not relinquish his interest in the company or have assets frozen. Lucas Kiely, chief investment officer of digital wealth platform Yield App, said that Zhao's "significant stake in the world's largest cryptocurrency exchange by volume positions him to potentially benefit from the overall growth of the crypto market."
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