- Changpeng Zhao’s admission of guilt has paid off in his trial.
- A report states that Zhao’s cooperation during the trial led to reduced sentencing.
- CZ faces a four month jail term, while prosecutors wanted a three-year term.
The trial of Changpeng Zhao, also known as CZ in the digital asset space, brought out the fact that cooperation plays a big role in the results. It is important to note that the crypto entrepreneur was sentenced to 4 months in prison.
As per a report from CoinDesk, United States District Judge Richard Jones in Seattle noted that the billionaire’s contributions to charities were coupled with his willingness to accept responsibility while downplaying the fact that he had anything to do with the crimes being committed at Binance.
The sentencing is more than CZ’s lawyers asked for while being significantly less than the one suggested by the US prosecutors. Prosecutors sought a 3-year jail term, while CZ’s lawyers wanted a mere house arrest.
Zhao gets to keep his vast stake in Binance and also maintain his vast wealth. Better Markets co-founder Dennis Kelleher stated that the short sentencing proves that “crime pays,” while DOJ attorney Kevin Mosley agreed:
“Breaking U.S. law was not incidental to his plan to make as much money as possible. Violating the law was integral to that endeavor.”
Notably, dozens of letters were written in support of Zhao, describing him as a family man. The former Binance executive has led a mostly private life and has a college-age son, who sat beside his mother and nephew during the sentencing.Additionally, CZ emphasized his guilt multiple times during the course of the trial and his inability to correct the wrongdoings at Binance. On the other hand, Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, never offered “a word of remorse for commission of terrible crimes,” said the judge overseeing SBF’s case.
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