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Cryptocurrency News Articles
CZ's Return to Social Media Sparks Renewed Interest in the Crypto Market, BTC and BNB Prices Rise
Sep 28, 2024 at 11:30 am
Bitcoin and Binance Coin (BNB) prices increased by up to 3% as Changpeng Zhao's first tweet after completing his four-month sentence came in.
Changpeng Zhao, the former CEO of Binance, was sentenced to four months in prison for failing to maintain an effective Anti-Money Laundering (AML) program at the cryptocurrency exchange. Zhao, also known as CZ, completed his sentence and marked his return to social media on September 27 with a brief tweet.
CZ’s sentence stemmed from a $4.3 billion settlement between Binance and US authorities in November 2023. The agreement saw CZ step down as CEO and accept a personal fine of $50 million. Despite leaving operational roles, CZ remains a significant shareholder in Binance, holding roughly 64% of the total BNB supply.
“I’m back, bitches!”
Changpeng Zhao, the former Binance CEO, completed a four-month sentence for failing to maintain an effective Anti-Money Laundering (AML) program at the cryptocurrency exchange.
Zhao, who goes by CZ, marked his return to social media on September 27 with a brief tweet.
gm
— CZ 🔶 BNB (@cz_binance) September 28, 2024
His sentence came after Binance agreed to pay $4.3 billion to settle charges by US authorities in November 2023, over allegations that the exchange violated Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) laws. As part of the agreement, CZ stepped down as CEO and agreed to pay a personal fine of $50 million.
However, CZ remains a significant shareholder in Binance, with approximately 64% of the total BNB supply. Richard Teng assumed the role of Binance CEO following the plea agreement, which explicitly bars CZ from any involvement in operating or managing the cryptocurrency exchange.
Bitcoin, BNB prices rise on CZ’s return to social media
Changpeng Zhao’s return to social media coincided with a noticeable uptick in cryptocurrency prices, particularly Bitcoin and BNB, according to data from CoinMarketCap.
Bitcoin, the leading cryptocurrency by market capitalization, saw its value climb to $65,000, representing a 3.2% increase over the past 24 hours. Concurrently, Binance’s native token, BNB, experienced a similar surge, rising 3.1% to reach $610. This coordinated price movement highlights the continuing influence of key industry figures on market sentiment.
Bitcoin’s recent surge above the $65K level, coupled with strong bull rally predictions by 10x Research for Q4 2024, has shifted attention towards altcoin speculation. According to Capriole Investment’s Altcoin Speculation Index, the past month has seen a 13% increase, with Sei, Wormhole, and Shiba Inu leading gains.
Moreover, analysts anticipate significant growth in the altcoin market over the coming months, especially if the Federal Reserve cuts interest rates. Several analysts are already predicting a strong bull rally in Q4 2024.
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