Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, was sentenced to four months in prison earlier this week.
The 47-year-old former CEO of a major cryptocurency exchange was given the sentence in Seattle for violating United States’ anti-money laundering and sanctions laws last year.
However, Zhao, who was once the most powerful figure in the crypto industry, is also the richest person to be imprisoned in the US and likely in the world as well, with a net worth of $43 billion, Hindustan Times reported citing a Bloomberg report.
With this, he also becomes the second major crypto boss to be sentenced to prison after Sam Bankman-Fried of FTX.
Bloomberg also reported that Zhao’s wealth is expected to increase further while he is incarcerated due to the current crypto bull run.
Additionally, despite stepping down as Binance’s CEO, Zhao retains an approximate 90% stake in the company, while its board of directors reportedly includes many of his close friends.
Zhao received a shorter prison term than sought by prosecutors thanks to US District Judge Richard Jones.
The sentence is below the maximum one to one and half years recommended under federal guidelines.
In comparison, FTX boss Bankman-Fried, has been given 25 years behind bars, although he is appealing his conviction and sentence.
