U.Today - Changpeng Zhao, famously known as CZ and the ex-CEO of Binance, is for a potential stint in prison, Bloomberg reports.
After securing a plea agreement, Zhao could be confined for up to 18 months, a stark contrast to the stiffer penalties faced by other crypto figures. He is still facing up to 10 years in prison, but such a scenario is unlikely.
In the meantime, CZ's personal wealth has skyrocketed by almost $25 billion to $37 billion in 2023 despite his legal woes.
BNB defies odds amid legal turmoil
In an unexpected display of market defiance, Binance's native token, , has surged by over 11% in just 24 hours.The rise comes against the backdrop of CZ stepping down amid U.S. Department of Justice charges earlier this year.
Nevertheless, the digital token’s market cap has ballooned to $46 billion.
CZ, keeping in tune with his style, took to social media declaring that to prosper, shortly after the news broke about his resignation.
After being surpassed by red-hot Solana (SOL), BNB remains in fifth place by market capitalization.
Crypto’s 2023 winners
While CZ's legal narrative unfolds, 2023 has been a year of financial windfalls for several crypto bigwigs. Brian Armstrong of Coinbase (NASDAQ:COIN) saw his net worth jump to $7.2 billion, riding on a nearly 400% rally in Coinbase shares. Fred Ehrsam, also of Coinbase, added $1.8 billion to his fortune.The Winklevoss twins, Cameron and Tyler, each grew their wealth by $1.4 billion amid tumultuous legal battles.
On the flip side, DCG's saw a more modest increase in his wealth, despite corporate restructuring and legal challenges.
In contrast, the crypto community witnessed the continuation of the dramatic downfall of Sam Bankman-Fried, the once-celebrated FTX CEO. He is now facing a lengthy prison sentence after being convicted in November.