Ki Young Ju, the big brain behind CryptoQuant, is standing by his man, Changpeng Zhao (CZ), as the former Binance CEO wraps up his four-month prison stint. Ju’s rallying cry? Don’t write off CZ just yet!
Zhao landed behind bars back in June 2024 after fessing up to some serious slip-ups under the US Bank Secrecy Act (BSA). His oopsies? Not putting a lid on money laundering activities on Binance. The fallout? Binance had to cough up a jaw-dropping $4.3 billion, and CZ himself got slapped with a $50 million fine. But hey, he's almost out—mark your calendars for September 29!
In a heartfelt message on X, Ju gave a nod to CZ's missteps but was quick to highlight his massive contributions to the crypto world. “Don’t underestimate CZ. He deserves respect,” Ju said, adding a philosophical twist about society's tendency to point fingers when an industry’s value doesn’t match the money pumped into it.
Ju painted a picture of the crypto sector as a wild, wild west of growing pains—hacks, frauds, and all sorts of shenanigans slowing down progress. He sees CZ as a bit of a fall guy, taking hits for the industry’s collective fumbles, but insists that doesn’t erase his achievements. “Without Binance, we wouldn’t have the global liquidity we enjoy today,” Ju declared.
Of course, not everyone’s buying it. Ari Paul from BlockTower Capital threw shade, saying CZ’s got as much grime on his hands as Sam Bankman-Fried, dodging a stiffer sentence only because he might spill the beans to authorities. Paul even accused CZ of wrecking lives and causing the disappearance of several Binance execs.
Ju wasn’t having any of it. He shot back, asserting that Binance never played fast and loose with customer funds, unlike some other shady players. He pointed out that CZ’s charges were about enabling money laundering, not misusing customer money. “If CZ were the villain you say he is, the authorities wouldn’t have let him go, deal or no deal,” Ju retorted.
Wrapping it up, Ju likened the suspicion around Binance to the FUD (fear, uncertainty, and doubt) that’s always swirling around Tether, stressing there's no solid proof backing these wild claims. So, as CZ’s prison saga comes to a close, Ju’s message is clear: respect where it’s due, and don’t be so quick to judge.
