Binance CEO Changpeng Zhao stepped down after pleading guilty to US money laundering violations and agreeing to fines of over $4 billion. Zhao, born in China, led Binance to become the world’s largest cryptocurrency exchange and was once the richest figure in the industry with a net worth of around $65 billion.

Similarly, Sam Bankman-Fried, the founder of FTX, faced a downfall after revelations about his team using customers’ money for risky moves and posh real estate. He was arrested for what US prosecutors described as “one of the biggest financial frauds in American history” and faces up to 110 years in prison.

Do Kwon, co-founder of Terraform Labs, faced significant losses in the value of his cryptocurrencies, leading to accusations of marketing a glorified Ponzi scheme. He was arrested after spending months on the run and faces multiple criminal charges in the United States and South Korea.

Binance CEO Changpeng Zhao to Terraform Labs’ Do Kwon: The fallen kings of crypto – Detail Points

– Binance boss, Changpeng Zhao, stepped down as CEO after pleading guilty to US money laundering violations
– Zhao, born in China in 1977, founded Binance in 2017 and led the company’s growth into the world’s biggest cryptocurrency exchange
– The United States accused Zhao and Binance of multiple violations, resulting in total penalties of nearly $4.4 billion for the company and a $50 million fine for Zhao
– Zhao resigned as CEO and has been banned from any involvement in Binance’s business
– Sam Bankman-Fried, the founder of FTX, became the second-largest crypto exchange but was involved in using customers’ money for risky moves, leading to a collapse of his empire and legal troubles
– Bankman-Fried was arrested in the Bahamas and found guilty of what US prosecutors described as “one of the biggest financial frauds in American history”, facing up to 110 years in prison
– Do Kwon, co-founder of Terraform Labs, marketed the cryptocurrencies TerraUSD and Luna as the next big thing in crypto, but their value plummeted, resulting in billions in losses and criminal charges against Kwon

Who is Changpeng Zhao?

Changpeng Zhao, also known as CZ, is a Chinese-born entrepreneur who founded Binance, the world’s largest crypto exchange, in 2017. He became a prominent figure in the crypto world with widespread influence and an estimated net worth that peaked at around $65 billion in 2022.

What happened to Changpeng Zhao and Binance?

Changpeng Zhao and Binance were accused by the United States of multiple violations, including knowingly allowing transactions to militant groups and in barred jurisdictions. On Tuesday, they pleaded guilty and agreed to fines of more than $4 billion. Zhao has resigned as CEO of Binance and has been banned from any involvement in its business. He is expected to face sentencing later.

Who is Sam Bankman-Fried?

Sam Bankman-Fried is an entrepreneur who founded FTX, the world’s second-largest crypto exchange. He gained significant fame and influence within the industry, with a reported net worth of $24 billion at one point in 2022.

What happened to Sam Bankman-Fried?

Sam Bankman-Fried’s empire suffered a stunning collapse after it was revealed that his team used customers’ money for personal expenses and risky moves by an affiliate. This led to a significant downfall, with rival CZ Zhao announcing that Binance would sell all the FTX tokens it held. Bankman-Fried was later arrested in the Bahamas and found guilty of what US prosecutors described as “one of the biggest financial frauds in American history”. He faces up to 110 years in prison.

Who is Do Kwon?

Do Kwon is a South Korean entrepreneur who co-founded Terraform Labs, developing the cryptocurrencies TerraUSD and Luna. He marketed them as the next big thing in crypto, attracting billions in investments and global hype.

What happened to Do Kwon?

Do Kwon’s marketed cryptocurrencies suffered a significant collapse, leading to billions of dollars in losses and allegations of running a glorified Ponzi scheme. He was eventually arrested in Montenegro this year after being caught trying to catch a flight using fake travel documents. He faces multiple criminal charges in the United States and South Korea.

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