Crypto Billionaire Changpeng Zhao Promises More Blockchain Investment After US Custody Release

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

September 29, 2024 23:02 EDT

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Former Binance CEO Changpeng Zhao has pledged to increase his investments in the blockchain sector after serving a four-month prison sentence in the US.

Over the weekend, Zhao also announced on X his plans to invest in artificial intelligence and biotech. He highlighted that as a long-term investor, he prioritizes making an impact over financial returns.

Changpeng Zhao Pledges More Time to Giggle Academy and Charity Work

Zhao also said that his educational initiative, Giggle Academy, will take up much of his time in the coming years. The project aims to provide free basic education globally for grades 1 to 12. Operating without a revenue model, it incorporates gamification, adaptive learning and blockchain technology, using “soul-bound tokens” to certify students’ achievements.

“I will also dedicate more time and funding to charity (and education). I have some rough ideas,” he said.

Additionally, Zhao revealed he is currently writing a book, having completed two-thirds of it.

On April 30, 2024, Changpeng Zhao, also known as CZ, was imprisoned for four months for failing to implement a strong anti-money laundering system at Binance, violating the Bank Secrecy Act. This followed his November 2023 guilty plea, where he admitted to enabling transactions tied to criminal proceeds and sanctioned countries like Iran and Cuba.

Despite Legal Troubles and $50M Fine, CZ’s Net Worth Stands at $30.8B Post-Binance Penalty

As part of the plea deal, CZ agreed to step down as Binance’s CEO and pay a $50m fine. Meanwhile, Binance was fined $4.3b, marking one of the largest corporate penalties in US history for such violations.

Zhao was granted an early release from prison on Friday, ahead of his scheduled release, due to a rule in US Code Title 18 that avoids freeing inmates on weekends.

Despite facing legal challenges, Zhao’s net worth is about $30.8b, according to the Bloomberg Billionaires Index. This financial standing is primarily due to his substantial ownership in Binance.