Original | Odaily Planet Daily

Author | jk

On Wednesday, April 24th, local time in the United States, there was a supplementary material update on the case of former Binance CEO CZ. Hundreds of people from around the world related to CZ provided a 350-page letter to the presiding judge, Richard Jones, in support and affirmation of CZ in this case.

Previously, Odaily has fully translated the letter from Binance co-founder He Yi. In addition, the letters come from many people related to CZ: family, friends, business and government leaders, colleagues and employees, industry professionals, and Binance users, among others. These letters show the intersection of CZ with them and the impression he has left on them, providing a reference for the court to have a more comprehensive understanding of CZ.

Odaily has selected the important parts to provide a more comprehensive understanding of CZ for interested readers. Perhaps this is also the first opportunity for most people to see what kind of impression CZ has left on those around him, not only as a well-known entrepreneur in the cryptocurrency industry, but also as a husband, student, father, and leader.

Family letters: Never misappropriated user funds, striving to be a good father

The letter from CZ's sister, Jessica Zhao, who was also a Managing Director at Morgan Stanley, is placed first. It reads,

After the FTX incident in 2022, there were a large number of withdrawals from the Binance platform. When I called CZ, he seemed very relaxed. He said, "All customer funds are safely in their respective accounts; they can withdraw as much as they want, which will not bring financial pressure to Binance." The real test is on the technical side, whether the system can handle such a large volume of transactions. He said, "Technology is our strength, and our team is great." Sure enough, Binance smoothly handled these withdrawals in both financial and technical aspects, without any problems. Binance has never misused any customer funds. CZ has never harmed anyone and has always adhered to the values of doing good for the community.

At the same time, CZ's daughter and son also provided their perspectives. CZ's daughter, Rachel, wrote,

There was a special trip that broadened my horizons and brought us closer - it was a trip to Kenya organized by a successful entrepreneur friend of my dad's. Dad usually doesn't participate in these kinds of trips, but this time, he accepted the invitation because of me. During that trip, I met many self-made entrepreneurs and heard their stories with my dad. Their experiences in business and the industry showed me the possibilities for the future. It was also an opportunity for me to ask questions and become a little follower among them.

Towards the end of the trip, when everyone was asked "what was the best part of this trip," although everyone said the trip was great, which of course was true, but what my dad said moved me especially: "I'm really grateful for this trip because it gave me the opportunity to spend a little time with my daughter." Dad doesn't usually express his emotions, and I'm grateful that he was able to express his feelings this time. Through this inspiring experience, I saw firsthand my dad's sincere gratitude for the time we spent together.

Richmond, the founder of Paxos, wrote in his letter:

CZ has always regretted that his entrepreneurial career caused him to miss important moments in his children's growth. He vowed not to repeat the same mistake with his younger children.

CZ's youngest son, Will, looks exactly like him, and even inherited his large forehead. Will is very smart and curious, but also a bit timid. When playing, he would turn to his father every few minutes seeking approval, like clockwork. This simple gesture, coming from his loving father, meant a lot to him. Every time he got the nod, Will would smile confidently and continue his game. Will started formal schooling this year. I hope CZ can accompany him on his first day of school, give him a nod, and watch him charge into school, starting a new chapter in his life.

Friend letters: Admitting mistakes in front of his son, standing up for high school teammates

In her letter, Lily Dash, a lawyer from Barbados, mentioned that CZ is a very humble leader and has always been an important mentor in her career. She mentioned a small incident:

I remember sitting at a large conference table during a meeting at the Bermuda Monetary Authority to develop a policy outline to place cryptocurrencies under a sound regulatory framework. I noticed that after CZ sat down, he realized that no one had water to drink at the meeting table, so he took the time to pour water for everyone before pouring himself a glass. This was a small act of kindness, but it made me realize that great leaders always lead by example, even in small matters. Since our first meeting, I have encountered CZ at meetings and social events, and I have seen him constantly giving positive encouragement to those around him, inspiring people to become better and do better.

Ronghui Gu, the founder of CertiK and a professor at Columbia University, also submitted a heartfelt letter. This letter tells of the practical advice CZ has given him during his entrepreneurial journey:

The first round of layoffs in March 2023 was particularly agonizing. Due to declining revenue and previous overexpansion, we had to make the difficult decision to lay off 15% of the staff. This experience was emotionally torturous, and I cried during the company-wide announcement. What made it more complicated was a recently orphaned employee's request to be spared from the layoff. I was torn between compassion and legal advice not to set this precedent. At that time, I turned to CZ for help.

CZ's response was both compassionate and practical. He acknowledged my kindness but also emphasized the need for strength as a leader. He suggested providing the employee with a more generous severance package - equivalent to six months' salary - and publicly and transparently informing the team of this decision, which would ensure fairness while maintaining team morale.

Additionally, this letter also includes a particularly touching detail. During a dinner with this professor, CZ directly mentioned the Binance case and the need to admit mistakes in front of his son:

In December 2023, CZ contacted me and suggested we go out for dinner. His 18-year-old son, Ryan, was also present at dinner, and our conversation covered various topics; from our initial meeting to our journey in the blockchain industry, insights into being a good CEO, and even lighthearted topics about lightspeed. I deliberately avoided mentioning that case, wanting to give him a breather from the legal dispute. However, 18-year-old Ryan unexpectedly brought up the topic; directly asking his father about the Binance case and whether he was really guilty. The ensuing silence was palpable.

However, CZ handled this moment with extraordinary calm and honesty. He admitted his mistakes and guilt, emphasizing that making mistakes is not shameful, but failing to face and correct these mistakes is. He reflected on his decision to come to the United States, admit his mistakes, accept the consequences, and make every effort to make amends. CZ reflected on his overall goal - to advance and adopt blockchain technology - and his desire to help others, even if it means admitting mistakes along the way.

There is also a letter from CZ's longtime friend and high school classmate:

After school, we formed a volleyball team, and CZ was the captain. Our high school was different from other schools and didn't have many students, so our volleyball team had only 6 members. If someone got injured, we couldn't compete. So we trained very hard. Whenever there was a game and the referee made a wrong call, CZ, as the captain, always protested to the referee on our behalf. In every game, CZ would come up with strategies to try to defeat the opponents.

Finally, in the third year, which was also our last year of graduation, because of his leadership, we made it to the AA playoffs. This was the first time our high school had made it to the playoffs. The principal and the students from the school came to cheer for us, and we ultimately finished in 12th place. Training together every day, discussing tactics every day, and arguing every day with teammates. These were the happiest times of our lives.

Employees and business partners: Unwavering support as always

"When COVID-19 hit Latin America and the uncertainty of international travel loomed, CZ spared no effort to help me. It was a critical moment, and I found myself potentially stranded in a foreign country with no access to public services. Recognizing the urgency of the situation, CZ supported and assisted me in arranging a last-minute flight, ensuring my safe return home before the lockdown. This act of kindness highlights CZ's sincere concern for the well-being of those around him."

"From the moment he first heard about this tragic event, he has been involved in many different initiatives to support the victims. Initially, he decided to donate nearly $5 million to the people living in the affected cities in Turkey. Then, he launched the Binance Charity Fund, a non-profit organization dedicated to using Web3 technology for good. Through the Binance Charity Fund, thousands of people were supported for earthquake victims. In addition, thanks to the launch of this initiative, we opened accounts for government agencies and non-governmental organizations in Turkey for the first time, so they could also raise funds through cryptocurrency and directly help the victims with these funds. Furthermore, we have sent relief supplies to the affected cities multiple times to meet the urgent needs of the victims. As the CEO of a global organization, I witnessed him thinking about how to do more for the victims almost continuously for 3-4 days. His 'human side' left a deep impression on me, and in fact, we are now not used to seeing this in many CEOs."

"(After the start of the Russia-Ukraine war) Over 70% of the employees in the Ukraine team are still in Ukraine. CZ did not abandon them; he organized a task force to check on the situation of each team member, provide food, batteries, and other necessities, and tirelessly ensure the safety of the employees. This fundamentally selfless behavior demonstrates his humility and people-oriented attitude.

In addition to our internal team, CZ also guided Binance to carry out the largest project in the "Ukraine Humanitarian Effort" project. Binance Charity collaborated with UNICEF, UNHCR, People in Need, and four local non-profit organizations to provide humanitarian assistance through the 10 million BUSD we donated. After that, Binance's cryptocurrency aid program helped 15,000 Ukrainian refugees and internally displaced persons with emergency funds, providing 75 BUSD per person per month for three months, totaling over $3,375,000."

It is worth mentioning that the writer of this letter is the General Manager of Binance's Ukraine branch. At the bottom of the signature, there are signatures from 56 Binance Ukraine employees.

Binance Ukraine employee signatures, Source: Court documents

With the public release of these letters, the public and professional observers are closely watching the court's response and its long-term impact on CZ and the entire cryptocurrency industry. This case is not only a severe test for CZ personally but may also become an important precedent for cryptocurrency legal and ethical standards. The upcoming court activities will be the focus of the global cryptocurrency community, and Odaily Planet Daily will continue to track and report on the latest developments in this important event.

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