U.Today – Later this week, on Sunday, September 29, the renowned founder of the Binance exchange and creator of its native token BNB, Changpeng Zhao (CZ), is set to be released from prison after serving a four-month sentence.
CZ’s release from prison and the beginning of “Uptober”
Many on Crypto X expect this to be a major growth factor for other cryptocurrencies, and users are also reminding the cryptocurrency community that this will be the start of “Uptober.” Traditionally, as many crypto traders have noted, October and November are bullish months, followed by a “Santa Claus rally” in December. For the past 10 years, Bitcoin has seen significant growth at this time of year.
Besides, Bitcoin and the stock market started to accelerate last week when the Federal Reserve announced a 50 basis point interest rate hike on Wednesday.
As previously reported by U.Today, CZ began serving his sentence in early June. After being charged with violating U.S. securities law, Changpeng Zhao resigned as CEO of Binance, and the exchange agreed to pay a massive fine of several billion dollars at the request of the U.S. Department of Justice.
Recently, fresh Binance CEO Richard Teng assured the cryptocurrency community in an X post that CZ was banned from managing Binance for life; this was also a condition set by the Department of Justice.
CZ’s business activities after leaving Binance
Before going to prison, CZ first stated that he did not want to be an entrepreneur again and would remain a cryptocurrency investor, perhaps offering training sessions on how to run the business to a tiny group of trainees. He also tweeted that he was interested in how to integrate cryptocurrencies into the biotech sphere.
But he eventually launched an online educational project, Giggle Academy, to teach underprivileged kids finance, blockchain, English, and math for free, a project that began shortly before CZ began serving his prison sentence.
CZ also announced vague plans to write a book in prison, since he claimed he would have plenty of free time to do so.
