CZ’s release was supposed to launch Uptober — instead, we lost $200B

Fans of Binance cheered on September 27 when founder Changpeng Zhao (CZ) walked free from US Bureau of Prisons custody. One of crypto’s wealthiest entrepreneurs had seemingly emerged victorious – fines paid, prison sentence served, and according to Forbes, billions of dollars richer. 

However, a health check of the market indicates that CZ was better for crypto prices while he was in prison.

Whether by luck or cause, CZ’s departure from his Lompoc II prison and California halfway house has been bad news for crypto investors. Indeed, Binance’s own estimate of the market capitalization of all crypto assets has declined by $200 billion since CZ was freed last week.

Binance’s own exchange token has fared even worse, declining 9% since his departure date.

Binance’s exchange token BNB has declined 9% since CZ’s release.

CZ pleaded guilty to permitting money laundering on Binance, paid a $50 million fine, and received a four-month prison sentence. Many people were expecting his exit from custody to trigger a bull run — but it did the exact opposite.

“CZ officially released! Let the bullrun begin!” said one trader. “CZ is officially free. Hope your bags are packed. The bull run is undoubtedly here,” another cheered. “Bull market is officially on,” said another.

Read more: Explained: How bitcoin market sell orders cause flash crashes

Unfortunately, despite an endless stream of similar posts pouring onto social media, the anticipated October bull market — Uptober — never materialized. CZ has said nothing since his release except that food tastes better, and “let me chill for a bit.” While crypto waits for his next move, prices are drifting in the wrong direction.

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