In a surprising turn, former Binance CEO Changpeng Zhao has resigned from the position and agreed to post a personal recognizance bond in the hefty sum of $175 million. This decision comes after pleading guilty to criminal charges in the United States.

According to court documents, Zhao is scheduled to appear in court in Seattle on February 23 for sentencing hearings. In addition to the impressive bail, it has been revealed that the former CEO is depositing the additional sum of $15 million into a trust account under the management of Davis Wright Tremaine.

This surety agreement imposes specific requirements, requiring the participation of two guarantors willing to pledge $250,000 and $100,000, respectively. Zhao’s legal fate is now in the spotlight, with the hearing date marked as a pivotal moment in this intriguing judicial chapter.

K. Tovar

Source: Criptotendencia

(Main referential image source: X, @_NOALCOMUNISMO)

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La entrada Changpeng Zhao had to pay a million-dollar bail apareció primero en Bitfinance.