{"id":38775,"date":"2025-01-24T16:15:35","date_gmt":"2025-01-24T16:15:35","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=38775"},"modified":"2025-01-24T16:15:35","modified_gmt":"2025-01-24T16:15:35","slug":"cz-bold-move-post-prison-and-binance-70bn-and-a-new-family-office-yzi-labs","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=38775","title":{"rendered":"CZ Bold Move Post Prison and Binance: $70Bn and a New Family Office \u2013 YZi Labs"},"content":{"rendered":"

Fresh out of prison, Changpeng Zhao<\/a>, known as CZ Binance or CZ BNB, is now worth $70 billion and founded YZi Labs. He\u2019s transforming Binance Holdings, a former venture capital arm, into a family office.\u00a0Binance Labs<\/a>, which manages billions in crypto assets, will now be called\u00a0YZi Labs<\/a>, as announced on January 23rd of<\/span>\u00a0this year.<\/p>\n

CZ has reappointed Ella Zhang<\/a>, who initially established Binance Labs in 2018 before leaving after two years, to head the new venture. YZi Labs will also handle the wealth of Yi He<\/a>, Binance\u2019s co-founder and CZ\u2019s partner, along with their three children.<\/p>\n\n

(Source<\/strong><\/a>)<\/p>\n

CZ\u2019s Early Life Struggles to $70 Billion Success, From McDonald to Yzi<\/h2>\n

Changpeng Zhao, was born in Jiangsu, China, in 1977. At 12, CZ moved with his family to Vancouver, Canada, due to his father who faced exile for political reasons.<\/p>\n

In British Columbia, Canada, he worked at McDonald\u2019s and a gas station to support his family in his younger years. Despite hardships, CZ showed an early interest in computers and opted to study computer science at McGill University in Montreal.<\/p>\n

After graduating, he joined the\u00a0Tokyo Stock Exchange,<\/a> where he developed software for matching trade orders.<\/span><\/p>\n

In 2001, CZ moved to New York to work at Bloomberg Tradebook<\/a>. He then developed futures trading software, gaining deep financial tech experience and expertise. By 2005, he founded Fusion Systems in Shanghai, and built high-frequency trading systems for brokers.<\/p>\n

After, CZ began his crypto journey in 2013 after he learned about <\/p>\n

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during a poker game, he sold his apartment to go all-in in Bitcoin. An asset that then helped to catapult his wealth and still is in his holding. \u201cIf you can\u2019t hold, you won\u2019t be rich\u201d, a famous CZ\u2019s quote amongst Crypto Twitter community.<\/p>\n

If you can’t hold, you won’t be rich.<\/p>\n

\u2014 CZ BNB (@cz_binance) February 10, 2021<\/a><\/p>\n\n

In 2017, CZ launched Binance<\/a>, which raised $15 million through an ICO. Soon,\u00a0it handled millions of transactions daily and quickly became the world\u2019s biggest and most trusted crypto exchange.<\/p>\n

Contrary to his Binance success, CZ faced US legal issues in 2023, including fraud and money laundering charges. He pleaded guilty, agreeing to a $50 million fine, while Binance itself paid a hefty $4.3 billion penalty.<\/p>\n

In addition to this, CZ stepped down as CEO, changed his alias to CZ BNB, and retained a significant stake in Binance. His legal battles were concluded with a four-month prison sentence in 2024.<\/p>\n

YZi Labs After Binance Labs \u2013 CZ & Yi He\u2019s Family Office<\/h2>\n

After his release from California prison<\/a>, CZ, in his post-prison buffed look [absolute chad], pledged in a post on X to focus on investments that prioritize \u201cimpact\u201d over returns.<\/p>\n

He also said his recent project named Giggle Academy<\/a>, a non-profit online education platform, would be a big part of his life. In addition, CZ turned Binance Labs into YZi Labs, a family office.<\/p>\n

This new entity will manage his and Yi He\u2019s wealth. YZi Labs planned to invest in AI and DeSci based projects<\/a>. With YZi plans to scale up its team from nine to twenty members.<\/p>\n\n

(Source<\/strong><\/a>)<\/p>\n

CZ will actively participate in YZi Labs\u2019 investment decisions while Ella Zhang returns to lead YZi. YZi labs planned to invest on project with $500,000 to $50 million range.<\/p>\n

A Trump-led crypto-friendly US has bumped his net worth to around $70 billion, especially with <\/p>\n

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ranging around $700 a coin, and Bitcoin keeps defending its $100k mark. Furthermore, there\u2019s no immediate need for him to add personal capital to YZi Labs, as CZ significant stake in Binance Holdings is his key asset.<\/p>\n

Binance\u2019s journey from a humble background to a crypto billionaire makes him a key figure in crypto. His resilience in facing legal and regulatory challenges is noteworthy, too. Now, with YZi Labs, Chengpeng Zhao looks to influence not just crypto but his views on technology in general.<\/p>\n

EXPLORE:\u00a0Who is Mark Uyeda? New SEC Chief Could Spark a Crypto Golden Age<\/a><\/strong><\/p>\n

Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/strong><\/p>\n

The post CZ Bold Move Post Prison and Binance: $70Bn and a New Family Office \u2013 YZi Labs<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Fresh out of prison, Changpeng Zhao, known as CZ Binance or CZ BNB, is now worth $70 billion and founded YZi Labs. He\u2019s transforming Binance Holdings, a former venture capital arm, into a family office.\u00a0Binance Labs, which manages billions in crypto assets, will now be called\u00a0YZi Labs, as announced on January 23rd of\u00a0this year. CZ […]<\/p>\n","protected":false},"author":0,"featured_media":38776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-38775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/38775"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38775"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/38775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/38776"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}