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Binance founder Changpeng Zhao agrees to step down, plead guilty

wsj.com

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Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#241

Post by rahen »

kylebenzle wrote: post #218
rahen wrote: post #172

Earlier quoted context omitted.

Be mindful of potential biases. Monero is rightfully highly regarded for its privacy, but you may be overlooking certain aspects: - Unlike Bitcoin, Monero's monetary issuance is not auditable, which could prove a major problem in case of an attack, potentially leading to inflation. - Monero faces blockchain bloat issues due to its ring signatures. It cannot scale gracefully. - Privacy and transaction cost concerns wi…

Has there been any Bitcoin "L2" that is actually functional. Last I checked the inventor of the most popular L2 said it was a failure.

Lightning has grown beyond its two original creators and now has a healthy community behind it. Worth mentioning are Rusty Russel (iptables, netfilter, some network layers of the Linux kernel) and the fine folks at Acinq (acinq.co).

Yes, it still has some rough edges but it's now mostly usable. https://medium.com/coinmonks/lightning-network-2018-to-2023-...

Besides, about 80% of transactions within exchanges are actually off-chain, so this is nothing new.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#242

Post by tim333 »

underseacables wrote: post #232

I'm absolutely astonished by this. He lives in the Middle East, which does not have any extradition treaties with America. Granted, he might transit a country that has a treaty, but I'm really shocked that he would give him. What did they have over him? Maybe it was China…

Binance does a lot of business in the US. Probably in exchange for paying fines etc they will be able to keep in operation. I assume CZ himself won't suffer much. The Bitmex guy pleaded guilty of not enforcing AML properly and ended up with 6 months house arrest at home.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#243

Post by ceejayoz »

underseacables wrote: post #232

I'm absolutely astonished by this. He lives in the Middle East, which does not have any extradition treaties with America. Granted, he might transit a country that has a treaty, but I'm really shocked that he would give him. What did they have over him? Maybe it was China…

> He lives in the Middle East, which does not have any extradition treaties with America.

He lives in Dubai, within one of the US's closest allies in the region. I'd be worried.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#244

Post by shrimpx »

nprateem wrote: post #174
fallat wrote: post #127

Earlier quoted context omitted.

The current crypto market activity has nothing to do with crypto news. The macro-economic state of the world is one where everything is going up.

More specifically now you can get actual real money by putting your savings in a bank account (and most people are struggling to pay the increased cost of living), there's less incentive to throw it away in a casino.

5% annualized on 4% inflation is a joke. I don't consider "high yield" savings to be any kind of strategy.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#246

Post by everfree »

colesantiago wrote: post #116
almost_usual wrote: post #16

Earlier quoted context omitted.

> May the entire of crypto be brought down with it Pretty hard to get rid of decentralized systems.

Crypto is pretty centralised thanks to these exchanges and many blockchains running solely on AWS such as Ethereum. Crypto being ‘decentralised’ is a well known myth.

Ethereum running “solely” on AWS is a myth. If AWS were shut down, the chain would continue as usual.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#247

Post by civilitty »

underseacables wrote: post #232

I'm absolutely astonished by this. He lives in the Middle East, which does not have any extradition treaties with America. Granted, he might transit a country that has a treaty, but I'm really shocked that he would give him. What did they have over him? Maybe it was China…

Just because a government doesn't have an extradition treaty doesn't mean they won't extradite. Most countries with non-extradition policies only apply them to native-born nationals and sometimes citizens in general. For some random foreigner, it depends entirely on the geopolitical situation.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#248

Post by firekvz »

blobbers wrote: post #237

SBF decided to testify against CZ to try to save his own ass, giving justice dept and sec something to fine CZ with. Govt collects a big crypto fine, fine makes the big losers in FTX whole, problem solved. CZ should have just bought FTX and closed the deal and made people whole, woulda saved himself some drama.

he has infinite supply of money to pay any fine, i dont really understand the fine amount, whats the porpouse of it, u either force them to destroy the whole exchange or just try to make their complete reputation go down but this looks like the govt getting some pocket money and letting them keep doing nasty things overseas and thats it?

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#250

Post by seydor »

xadhominemx wrote: post #10
pwb25 wrote: post #4

[flagged]

Have you looked into this case at all? The evidence compiled against Binance is extensive and compelling.

Frankly evidence of laundering is everywhere, but it depends on whether you are looking for it. Like , the average UK 'invesment' mansion or the 'azeri' natural gas that europe purchases
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