350-page court letter presents a multifaceted CZ: husband, student, father, entrepreneur

Author: jk, Odaily Planet Daily

On Wednesday, April 24, local time in the United States, there was an update regarding the case of former Binance CEO CZ, with supplementary materials provided. Hundreds of people from around the world related to CZ submitted a 350-page letter to the presiding judge Richard Jones, expressing their support and affirmation for CZ.

Previously, Odaily had already shared a letter from Binance's co-founder He Yi. In addition, the letters came from many people related to CZ: family, friends, business and government leaders, colleagues and employees, industry professionals, and Binance users, among others. These letters illustrate CZ's interactions with them and the impressions he has left in their minds, providing the court with a more comprehensive understanding of CZ.

Odaily has selected important excerpts to provide interested readers with a broader perspective on CZ. Perhaps this is also the first opportunity for many to see how CZ, not only as a well-known entrepreneur in the cryptocurrency industry but also as a husband, student, father, and leader, has impacted those around him.

Family Letters: Never Misappropriated User Funds, Strives to Be a Good Father

A letter from CZ's sister Jessica Zhao, who also served as a Managing Director at Morgan Stanley, is at the forefront. It states,

After the FTX incident in 2022, there were a lot of withdrawals from the Binance platform. When I called CZ, he seemed very relaxed. He said that all customer funds were safe in their respective accounts; they could withdraw as much as they wanted, and this would not put financial pressure on Binance. The real test was technical, whether the system could handle such a large volume of transactions. He said, "Technology is our strong suit, and our team is great." Indeed, Binance managed these withdrawals smoothly both financially and technically, without any issues. Binance has never misused any customer funds. CZ has never harmed anyone and has always upheld the value of doing good for the community.

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

On a special trip that broadened my horizons and brought us closer together— it was a trip to Kenya organized by a successful entrepreneur friend of my dad's. Dad usually doesn't participate in such trips, but this time he accepted the invitation because of me. During that trip, I met many entrepreneurs who started from scratch and heard their stories with my dad. Their experiences in business and the industry opened my eyes to future possibilities. It was also an opportunity for me to ask questions and become a little follower of theirs.

As the trip was coming to an end, when everyone was asked, "What was the best part of this trip?" although everyone said the trip was great, which was certainly true, what my dad said particularly moved me: "I am really grateful for this trip because it gave me a chance to spend a little time with my daughter." Dad usually doesn't express his feelings much, and I am grateful that he was able to express his feelings for me this time. Through this inspiring experience, I saw my dad's genuine appreciation for our time together.

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

CZ has always deeply regretted that his entrepreneurial career caused him to miss important moments in the growth of his two older children. He vowed not to repeat this with his younger child.

CZ's youngest son, Will, looks just like him, even inheriting his large forehead. Will is very smart and curious, but he is also a bit timid. When playing, he will methodically turn to his father every few minutes, seeking an affirming nod. This simple action, stemming from his love for his father, means a lot to him. Every time he receives a nod, Will beams with confidence and continues his game. Will started formal school this year. I hope CZ can be there on Will's first day of school to give him a nod and watch him rush into school, opening a new chapter in his life.

Friends' Letters: Admitting Mistakes in Front of His Son, Standing Up for High School Teammates

Lily Dash, a lawyer from Barbados, wrote in her letter 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 next to CZ at a large conference table during a meeting at the Bermuda Monetary Authority, which was to draft a policy outline to place cryptocurrency under a sound regulatory framework. I noticed that after CZ sat down, he realized no one at the table had water to drink, so he took the time to pour water for everyone before finally pouring himself a glass. This small act made me realize that great leaders always lead by example, even in small matters. Since our first meeting, I have encountered CZ in meetings and social occasions, seeing him continuously provide positive encouragement to those around him, inspiring people to be better and do better.

Ronghui Gu, the founder of CertiK and a professor at Columbia University, also submitted a letter. This heartfelt letter detailed many practical suggestions CZ gave him during his entrepreneurial journey:

The first layoffs in March 2023 were particularly difficult. Due to declining revenue and previous over-expansion, we had to make the tough decision to cut 15% of our staff. This experience was emotionally taxing, and I cried during the company announcement. More complicated was a request from an employee who had just lost both parents to be exempt from layoffs. I was really torn between compassion and legal advice not to set a precedent. At that time, I sought help from CZ.

CZ's response was both compassionate and practical. He acknowledged my kind nature but also emphasized the need to be strong as a leader. He suggested offering that employee a more generous severance package—equivalent to six months' salary—and to be open and transparent with the team about this decision to ensure fairness while maintaining team morale.

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

CZ contacted me in December 2023, suggesting we go out for dinner that evening. His son Ryan was also present, and our conversation covered various topics; from our initial meeting to our journey in the blockchain industry, insights on being a good CEO, and even light topics like light speed. I deliberately avoided mentioning the case, wanting to let him breathe a little 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 responded to this moment with extraordinary calmness and honesty. He acknowledged his mistakes and guilt, emphasizing that making mistakes is not shameful, but the failure lies in not facing and correcting those mistakes. He reflected on his decision to come to the U.S., admit his mistakes, accept the consequences, and do his utmost to make amends. CZ reflected on his overall goal—advancing and adopting blockchain technology—and his desire to help others, even if it meant admitting mistakes along the way.

There was also a letter from a long-time friend and high school classmate of CZ:

(After school) we formed a volleyball team, and CZ was the captain. Our high school was different from others, and there weren't many students, so our volleyball team only had six members. If anyone got injured, we couldn't compete. So we trained very hard. Whenever there was a match, if the referee made a wrong call, CZ, as the captain, would always protest on our behalf. In every match, CZ would come up with strategies to try to outsmart the opponents.

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

Employees and Business Partners: Consistent Support

"When COVID-19 struck Latin America and uncertainty loomed over international travel, CZ went above and beyond to help me. It was a critical moment when I found myself potentially trapped in a foreign country without access to public services. Realizing the urgency of the situation, CZ supported and assisted me in arranging a last-minute flight, ensuring I returned home safely before the lockdown. This act of kindness highlighted CZ's genuine concern for the well-being of those around him."

"From the moment he first heard about this tragic event, he was involved in many different initiatives to support disaster victims. Initially, he decided to donate nearly $5 million to those living in the disaster-stricken cities in Turkey. Then, he launched the Binance Charity Foundation, a nonprofit organization dedicated to using Web3 technology for good. Through the Binance Charity Foundation, thousands of people provided support for earthquake victims. Moreover, thanks to the launch of this initiative, we opened accounts for government-affiliated NGOs in Turkey for the first time, allowing them to raise funds through cryptocurrency to directly assist victims. In addition, we sent relief supplies to the disaster-stricken 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 less accustomed to seeing this in many CEOs."

"After the outbreak of the Ukraine-Russia war, over 70% of the employees in the Ukrainian team remained in Ukraine. CZ did not abandon them; he organized a task force to check on each team member's situation, providing food, batteries, and other essentials, and tirelessly worked to ensure the safety of the employees. This inherently selfless behavior demonstrated his humility and people-oriented attitude.

In addition to our internal team, CZ also guided Binance in launching one of the largest projects in the 'Ukrainian Humanitarian Efforts' initiative. Binance Charity collaborated with UNICEF, UNHCR, humanitarian organization People in Need, and four local nonprofits to provide humanitarian assistance through our donation of 10 million BUSD. Following this, Binance's cryptocurrency aid program helped 15,000 Ukrainian refugees and internally displaced persons with emergency funds, $75 BUSD per person per month for three months, totaling over $3,375,000."

It is worth mentioning that the last letter was written by the general manager of Binance's Ukrainian branch. Below the signature, there are signatures from 56 Binance Ukraine employees.

Signatures of Binance Ukraine employees, source: court documents

With the release of these letters, the public and professional observers are closely monitoring 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 could also become an important precedent for cryptocurrency laws 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 of this significant event.