Binance CEO, Changpeng Zhao, has filed for bankruptcy this morning with the Maltese government, according to the South Morning China Post.
Whilst the news will have come as no surprise to those who have been following the fortunes of the founder of the world’s leading crypto exchange in recent months, it is the timing – believed to have been precipitated by further crypto market woes arising from the ongoing Coronavirus crisis – that has surprised some analysts.
Ex-CIA agent and whistle-blower Edward Snowden was among the first on social media to lament Zhao’s fall from grace with some unusually coarse language.
Ironically, however, the news appears to have had a positive bearing on the price of Binance coin which climbed another 25% in a mere three hours after emergence of the news. “I knew the crypto markets were beyond logic,” stated one prominent Binance investor who has asked not to be named, “but this is taking the p!ss.”
CZ has not officially commented directly to the media regarding his bankruptcy but his office has released a press statement on his behalf stating that he was currently in the South of France, participating in France’s annual Poisson d’avril festivities. “I am surrounded by wonderful friends and family as part of downtime to assess next steps. I will be back,” he stated, adding, “Rest assured that my next project will put me back on my feet.”