Ki Young Ju, the CEO of blockchain analytics firm CryptoQuant, has expressed his support for former Binance CEO Changpeng Zhao (CZ) as his four-month prison sentence nears its conclusion.
Ki Young Ju’s Statement
Zhao began serving his sentence in June 2024 after admitting to breaches of the US Bank Secrecy Act (BSA). His guilty plea involved not preventing money laundering on Binance, resulting in a $4.3 billion penalty for the company and a $50 million fine for Zhao himself. In a recent statement posted on X, the CryptoQuant CEO acknowledged the Binance executive’s mistakes while also emphasizing his contributions. 'Don’t underestimate CZ. He deserves respect,' he wrote, elaborating on the broader societal perspective.
Community Backlash
However, there has been some backlash from the community following the statement. BlockTower Capital’s Ari Paul alleged that CZ committed all the same crimes as Sam Bankman-Fried and that he was only spared a harsher sentence due to fears of his ability to bribe foreign governments and the value of the information he could provide to authorities. He also claimed that CZ’s actions had 'ruined a lot of lives.'
Ki Young Ju's Response
Ju has countered these accusations by stating that the exchange never used customer funds and that on-chain data shows the differences in wallet management between Binance and FTX. He also pointed out that the exchange’s CEO was not charged with using customer funds but rather with abetting money laundering.
Ki Young Ju concluded that without Binance, the crypto space would not have attracted the global liquidity it benefits from today.
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