In a recent article, previous CEO of crypto exchange BitMEX Arthur Hayes looks into the amazing rise and fall of Changpeng Zhao (CZ), the former chief executive officer of Binance. Hayes highlights the controversial $4.3 billion great troubled the biggest crypto exchange.
In an impressive span of less than a decade, CZ experienced a meteoric increase from obscurity to turn into one of the most affluent individuals worldwide, as reported by Hayes. The crucial element behind his rapid success was Binance, which, within a plain 6 years, developed right into the biggest centralized cryptocurrency exchange system globally.
Hayes notes, “For some, Binance was their means to buy a coin or token that was a ticket to monetary flexibility. For others, it was a really efficient means to speculate on a brand-new political, financial, and technical system.”
Hayes exposes the clashing views on cryptocurrency, highlighting Lord Satoshi’s displeasure of centralization as the personification of wickedness. The write-up implies that CZ, along with others who gain from centralization, is viewed as a transgressor in the eyes of Satoshi.
Hayes also questions the disproportionate punishment provided to CZ and Binance in comparison to typical monetary wrongdoings. He contrasts the extreme fine with instances where significant financial institutions and CEOs escaped criminal duty.
The blog wraps up with a reflection on the absurdity of the treatment meted out to CZ, emphasizing the transformative capacity of cryptocurrency. Hayes sees crypto as a crucial political, financial, and technical development, trying to produce an identical system based upon volunteer involvement rather than browbeating.
The blog concluded with a functional suggestion for cryptocurrency enthusiasts, encouraging them to save their possessions in pocketbooks that they alone regulate the personal secrets to, in order to avoid being metaphorically oppressed, as Hayes mentioned.
