Dear Readers,

The much awaited and most anticipated news has out in the crypto world.

Yes, the Binance Founder and Ex- CEO, Changpen Zhao who is popularly known as CZ is jailed for 4 months. 

He has accused of money laundering charges even though the judge has not found any evidences that CZ has directly involved in money laundering activities within Binance. 

The plea deal included $4.3 billion in fines and for him to pay $50 million while stepping down as Chief Executive Officer  from Binance in November last year. 

It was widely expected that CZ would get atleast 12-18 months imprisonment. The prosecution wanted 36 months of imprisonment. But, CZ lawyers argued for probation. 

With this judgement, he may be the richest person ever in the prison. 

Post the news of imprisonment, BTC was traded below 60000 USD for the first time in 2 months. It was sharply declined 8% and was traded aa low of $59,195 (8.6%) and then recovered and traded back to $ 60000+ mark. 

But it nosedived again and currently BTC trades at $ 57246, a down of 6% in the 24 hours. 

It was widely expected that the crypto market would be in red with the CZ imprisonment news and it reacted the same. 

The global crypto market cap is $2.14 Trillion, a 4.61% decrease from yesterday. 

The Binance's native coin BNB currently traded at $549.03 which is a lower of 2.45% in the past 24 hours. But post imprisonment news BNB made a low of $ 539.66.

Let's see how the cryptomarkets react in the days to come!

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