Changpeng Zhao ventures into education as he embarks on a new project after Binance.
CZ, also known as Changpeng Zhao, recently unveiled a groundbreaking initiative called Giggle Academy. The project, which CZ announced on Twitter, quickly gained a significant following of 41k users within hours. Giggle Academy aims to provide free education for students in grades 1 through 12, with a special emphasis on gamification.
CZ has made it clear that the project is not intended to generate revenue and is calling on teachers to contribute digital content for Giggle Academy. In the concept paper, CZ highlights the importance of making learning addictive by incorporating badges, points, and rankings to keep students engaged and motivated.
Furthermore, the curriculum of Giggle Academy will remain adaptive, focusing on various areas such as emotional quotient (EQ), finance, blockchain, AI, and more. This approach allows students to concentrate on their individual strengths and interests rather than conforming to a standardized curriculum.
The response from the community has been overwhelmingly positive, with many expressing their support and excitement for the project. Some individuals have emphasized the urgent need for improved education in financial markets, while others have shown a keen interest in joining the initiative. Many have commended CZ for his visionary approach to education.
Currently, CZ is navigating legal hurdles following his resignation as CEO of Binance, the world’s largest crypto exchange, in November 2023. This decision was seen as an acceptance of accountability for the company’s past actions, particularly in response to accusations from U.S. regulatory bodies. As a result, CZ paid a significant $4.3 billion fine to U.S. authorities, which encompassed charges related to anti-money laundering, unlicensed money transmitting, and sanctions violations by the Department of Justice (DOJ), as well as agreements reached with FinCEN, OFAC, and CFTC.
Amid ongoing legal proceedings, CZ has largely refrained from engaging in social media discussions. His recent activity primarily consists of sharing personal anecdotes and updates on his projects. CZ has reflected on his decision to invest in Bitcoin a decade ago and has discussed the importance of risk management and personal risk tolerance.
Following his resignation, CZ expressed his intention to take a much-needed break, as he had not taken a single day off for over six and a half years. He has also outlined his future plans, which include passive investments in startups within the blockchain, web3, defi, AI, and biotech sectors. Additionally, CZ has mentioned the possibility of serving as a coach or mentor to a select group of emerging entrepreneurs, sharing his experience and lessons learned from his time as the CEO of Binance.
In the midst of legal proceedings, CZ has faced restrictions on his movements. He was released on bail, with a personal recognizance bond of $175 million. In addition, $15 million was placed in a trust account, and three guarantors provided further collateral. However, a U.S. federal judge granted a motion from the DOJ, requiring CZ to remain in the United States until his sentencing. This decision was primarily based on concerns about CZ being a flight risk due to his substantial wealth and the absence of an extradition treaty between the U.S. and the UAE, where he and his family reside.
CZ’s sentencing, originally scheduled for early 2024, has been postponed to April 30, 2024, without a clear reason given. He has already pleaded guilty to violating the Bank Secrecy Act and accepted a personal fine of $50 million. Additionally, a federal court denied CZ’s request to travel to the UAE for medical reasons, considering his admitted breaches of U.S. anti-money laundering laws and the severity of the charges against him and Binance.
The ongoing legal battle between Binance and the U.S. SEC further complicates the situation. Binance’s defense has criticized the SEC for its lack of clear regulations for the crypto industry, highlighting the challenges businesses face in achieving compliance.
In a recent development, U.S. District Judge Richard Jones has amended CZ’s bond conditions as he awaits his sentencing. As a Canadian citizen, CZ has been instructed to surrender his Canadian passport to a third-party custodian chosen by his legal team. These revised bond conditions have significant implications, as they not only restrict CZ from obtaining new passports or travel documents, effectively freezing his ability to travel internationally, but also confine him to the United States.
The decision to modify the bond conditions reflects a cautious approach by the prosecutors, who consider these measures to be “commonsense” precautions to ensure CZ’s presence in the U.S. for his upcoming sentencing.
