Original | Odaily Odaily
Author | jk
On Wednesday, April 24, local time in the United States, there were updated supplementary materials in the case of former Binance CEO CZ. Hundreds of people related to CZ from all over the world provided a 350-page letter to the presiding judge Richard Jones as a support and affirmation for CZ.
Previously, Odaily has forwarded a 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, etc. These letters show CZ's intersection with them and the impressions in their minds, providing a reference for the court to have a more comprehensive understanding of CZ.
Odaily selected the important parts to provide interested readers with a more comprehensive perspective on CZ. Perhaps this is also the first time that most people have the opportunity to see what kind of impression CZ has on the people around him, not only as a well-known entrepreneur in the crypto industry, but also as a husband, student, father and leader.
Letter from family: I have never misappropriated user funds and I try my best to be a good father
The first letter came from CZ's sister Jessica Zhao, who was also the Managing Director of Morgan Stanley. She wrote,
After the FTX incident in 2022, Binance saw a large number of withdrawals. When I reached CZ by phone, he seemed relaxed. He said that all customers’ funds were safe in their accounts; they could withdraw as much as they wanted without putting any financial pressure on Binance. The real test was the technical side, whether the system could handle such a large volume of transactions. “Technology is our strength, and we have a great team,” he said. Sure enough, Binance handled the withdrawals smoothly, both financially and technically, without any problems. Binance has never misused any customer funds. CZ has never hurt anyone and has always upheld the value of doing good for the community.
Meanwhile, CZ’s daughter and son also provided their perspectives. CZ’s daughter Rachel wrote,
One particular trip that both broadened my horizons and brought us closer together was a trip to Kenya organized by a successful entrepreneur friend of my dad's. My dad doesn't usually go on these kinds of trips, but he accepted because of me. On that trip, I met many self-made entrepreneurs and heard their stories and my dad's. Their experiences in business and industry opened my eyes to the possibilities of the future. It was also a chance for me to ask questions and become a little shadow of one of them.
At the end of the trip, when everyone was asked, “What was the best part of the trip?”, while everyone said it was great, which was certainly true, I was particularly touched by what my dad said , “I’m really grateful for this trip because it gave me a chance to spend a little time with my daughter.” My dad doesn’t usually express his emotions, and I was grateful that he did so. Through this enlightening experience, I saw firsthand how much my dad truly appreciated the time we had together.
Richmond, the founder of Paxos, wrote in a letter:
CZ has always regretted that his entrepreneurial career caused him to miss important moments in his two older children's development. He vowed not to repeat the same mistakes with his younger children.
CZ's youngest son, Will, looks exactly like him, even down to his large forehead. Will is very smart and curious, but he is also a bit timid. While playing, he turns to his father every few minutes, as if by order, for a nod of approval. This simple action, from his loving father, means a lot to him. After each nod, Will beams and continues his play with confidence. Will is starting school this year. I hope CZ can be there for Will's first day of school, give him a nod, and watch him rush into school to start a new chapter in his life.
Letter from a friend: Admitting mistakes in front of my son and standing up for my high school teammates
Lily Dash, a lawyer from Barbados, wrote in her letter that CZ is a very humble leader and has been a great mentor in her profession. She mentioned a small thing:
I remember we were sitting around a large conference table at a Bermuda Monetary Authority meeting to develop a policy outline to place cryptocurrencies under a sound regulatory framework. I noticed that CZ sat down and saw that no one at the table had a drink of water, so he took the time to fill everyone's glass before pouring himself a glass last. It was a small act of kindness, but it made me realize that great leaders always lead by example, even in the small things. Since our first meeting, I have encountered CZ in conferences and social settings and have seen him constantly give positive encouragement to those around him, inspiring people to be better and do better.
CertiK founder and Columbia University professor Ronghui Gu also submitted a letter. This heartfelt letter recounts the practical advice CZ gave him during his entrepreneurial journey:
The first layoff in March 2023 was particularly difficult. Due to declining revenue and previous overexpansion, we had to make the difficult decision to reduce our workforce by 15%. The experience was emotionally draining and I cried during the company-wide announcement. To complicate matters, an employee who had just lost a parent requested to be exempted from the layoff. I was really torn between empathy and my legal counsel’s advice not to set a precedent. That’s when I turned to CZ for help.
CZ’s response was both compassionate and practical. He acknowledged my good nature but stressed the need for strength as a leader. He suggested offering the employee a more generous severance package—equivalent to six months’ salary—and being transparent with the team about the decision, which would ensure fairness while maintaining team morale.
At the same time, there is a particularly touching detail in this letter. During the dinner with the professor, CZ directly mentioned the Binance case itself and the need to admit mistakes in front of his son:
CZ reached out to me in December 2023, suggesting we go out for dinner that evening. During dinner, his son Ryan was also present, and our conversation ranged from a variety of topics; from our initial meeting, to our shared journey in the blockchain industry, insights on what makes a good CEO, and even lighthearted topics like the speed of light. I studiously avoided mentioning the case, wanting to give him a break from his legal troubles. However, 18-year-old Ryan unexpectedly brought up the subject; asking his father directly about the Binance case and whether he was actually guilty. The silence that followed was palpable.
Yet, CZ handled the moment with remarkable calm and honesty. He acknowledged his mistakes and guilt, stressing that there is no shame in making mistakes, but failure lies in not facing and correcting them. He reflected on his decision to come to the United States, admit his mistakes, accept the consequences, and do his best to make amends. CZ reflected on his overall goal — to advance and adopt blockchain technology — and his desire to help others, even while admitting to making mistakes along the way.
There is also a letter from CZ’s long-time friend and high school classmate:
After school, we also formed a volleyball team, and CZ was the captain. Our high school was different from other schools, and there were not many people, so our volleyball team only had 6 people. If anyone got injured, we couldn't play. So we trained very hard. Whenever there was a game and the referee made a wrong decision, CZ, as the captain, always protested to the referee on our behalf. In every game, CZ would come up with a strategy to try to defeat the opponent.
Finally, in our third year, our senior year, because of his leadership, we made it to the Class AA playoffs. It was our first time in high school to make it to the playoffs. The principal and students from the school came to cheer us on, and we finished 12th. Following our teammates in practice every day, discussing tactics every day, and arguing every day. This was also the happiest time of our lives.
Employees and business partners: Continued support
"When COVID-19 hit Latin America and uncertainty loomed over international travel, CZ went out of his way to help me. It was a critical moment when I found myself potentially stranded in a foreign country without 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 genuine concern for the well-being of those around him."
“From the moment he first heard about this tragic event, he participated in many different initiatives to support the victims. At first, 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 nonprofit dedicated to leveraging Web3 technology for good. Through the Binance Charity Fund, thousands of people have provided support to the earthquake victims. In addition, thanks to the launch of this initiative, we opened accounts for the first time in Turkey for NGOs in government agencies so that they can also raise funds through cryptocurrencies and directly help the victims through these funds. In addition to this, we have sent relief supplies to the affected cities several 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 for almost 3-4 days in a row. I was impressed by his "human side", which is actually something we are not used to seeing in many CEOs now.”
“More than 70% of the Ukrainian team remained in Ukraine [after the start of the Russo-Ukrainian war]. CZ did not abandon them; he organized a task force to check on each team member, provided food, batteries and other necessities, and worked tirelessly to ensure the safety of the employees. This essentially selfless act is a testament to his humility and people-first attitude.
In addition to our internal team, CZ also directed Binance’s largest single project, the Humanitarian Effort in Ukraine. Binance Charity partnered with the United Nations Children’s Fund (UNICEF), the United Nations High Commissioner for Refugees (UNHCR), the humanitarian aid organization People in Need, and four local nonprofits to provide humanitarian aid through our donation of 10 million BUSD. Following this, Binance’s crypto aid program helped 15,000 Ukrainian refugees and internally displaced persons with emergency funds at 75 BUSD per person per month for three months, totaling over $3,375,000.”
It is worth mentioning that the writer of the last letter is the general manager of Binance Ukraine. Below the signature, there are also signatures from 56 Binance Ukraine employees.
Signature of Binance Ukrainian employees, source: court documents
As these letters become public, 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 law and ethics. The next court event will be the focus of the global cryptocurrency community, and Odaily Odaily will continue to track and report the latest developments of this important event.
