Changpeng 'CZ' Zhao turned Binance into the biggest cryptocurrency exchange in the world
As soon as CZ confirmed he is out of prison, crypto users took the chance to pitch a wide range of projects that the Binance co-founder may want to check out for his investment ventures. AFP

KEY POINTS

  • Among the pitches brought on Zhao's table is a decentralized AI project called Ceti AI
  • Arena, a SocialFi project, was also recommended to the former Binance CEO
  • Then there's Impact Digital Art, an NFT marketplace that presents itself as a project with a philanthropic flare
  • Zhao revealed his free blockchain-powered education platform is doing well and his book is in the works

Binance co-founder Changpeng "CZ" Zhao confirmed Saturday he has been released from prison after four months in jail for failing to provide users of the popular cryptocurrency exchange with adequate security protections.

CZ took to X (formerly Twitter) to express his gratefulness and also revealed his plans moving forward. Many crypto users welcomed him back to the industry, and others took the opportunity to pitch themselves, given Zhao's announcement shortly after his sentencing that he will continue to invest in blockchain and crypto.

Others had a different agenda, including a growing number of commenters on his post who, throughout the weekend, urged the crypto leader to help victims of the massive WazirX exploit that saw over $230 million in losses.

Here are the top projects that crypto users and teams pitched to Zhao for his consideration.

Ceti – Decentralizing Artificial Intelligence

Ceti, a decentralized AI project, welcomed CZ back into the crypto space, revealing that the team has been "accumulating hardware and setting up decentralized AI compute to provide companies that want a truly decentralized system."

Some crypto users tagged Zhao in the Ceti team's comment, saying the project will make a huge impact on the future of AI.

According to the Ceti website, the team is on a mission to build high-performance, scalable, and globally distributed AI infrastructure to enable distributed networks and developers "to rapidly outpace the capabilities and reach of centralized AI."

Arena – 'Next-Gen' SocialFi App

One user pitched the Arena SocialFi (social finance) app to the crypto mogul, saying it "opens the door to the future of SocialFi." Crypto token and non-fungible token (NFT) enthusiasts took to the comments section to support the idea of Zhao possibly checking out Arena.

The decentralized social media platform comes with the $ARENA token, which is a governance token that is freely transferable when claimed. Arena describes itself as a project "born 'by the people, for the people,'" where creators can unite and engage.

Impact Digital Art – NFTs With a Purpose

The project heaped praise on Zhao's comeback post, wherein he talked about his plans for charity and education after his time in jail. The team said it would appreciate CZ's backing.

According to the Impact Digital Art website, the project is an NFT marketplace where "art, Web3, technology, and social, humanitarian and environmental impact walk all together."

The team also has a token project, the IDART coin, which it said was created for the purpose of supporting charity causes, including climate-related initiatives.

One user commented on the pitch, saying it was good to find token projects "with a real and good purpose and not only s***coins in the market."

Many other commenters pitched a host of crypto tokens, including NEIRO, RUNES, and MSI. Other crypto users focused on celebrating Zhao's freedom.

What Zhao Said

While CZ has yet to comment on the pitched projects, his post revealed what he has been doing in the months when he served time and also provided a preview of what he will do next.

  • Giggle Academy – Zhao announced his new project shortly after his sentencing. The educational platform will provide free learning materials that will utilize blockchain-based tokens for student achievements. He said the project is doing well and "will be a big part of my life for the next few years."
  • Investments – CZ said he will continue to invest in blockchain and decentralized technologies, as well as AI and biotech. "I am a long term investor who care[s] about impact, not returns," he wrote.
  • Charity Funding – The former Binance CEO, who had to step down from his post as part of his guilty plea, said he will dedicate more time and funding to charitable initiatives and education.
  • Book – Zhao said he is working on a book that's "about 2/3 done."

Zhao was supposed to be freed Sunday, but Bloomberg reported that he was released Friday. Aside from leaving his CEO role at Binance, the world's largest crypto exchange by trading volume, CZ also agreed to pay a $50 million fine as part of his guilty plea, while Binance agreed to pay a staggering $4 billion penalty.

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