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The U.S. may soon see clear rules for crypto. A crypto market structure bill is now expected to be ready by September. Sacks Aim for Completion of Crypto Market Structure Bill by September David Sacks, the AI and crypto czar for President Trump, thanked Senators Tim Scott and Cynthia Lummis for laying out a clear
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The post Binance’s CZ Breaks Silence on Prison Time, Cellmate Was a Double Murderer: ‘No One Cares’ appeared first on Coinpedia Fintech News
Changpeng Zhao, also known as “CZ” and the founder of cryptocurrency exchange Binance, recently shared details of his prison experience following his legal troubles in the United States.
In November 2023, both CZ and Binance pleaded guilty to several charges related to money laundering and regulatory violations. To settle the case, Binance agreed to pay over $4.3 billion in fines. Initially facing a three-year prison sentence, CZ’s punishment was reduced to four months after his legal team argued he was not directly involved in the wrongdoing.
In an interview with Farokh Radio, CZ opened up about his experience and described prison as an extremely difficult experience. Despite his calm personality and high tolerance for stress, he admitted the process was frightening. From strip searches to sharing a cell with a double-murder convict, CZ said nothing about prison was easy or glamorous.
“It was extremely hard when you go through it. I can laugh about it now, but it’s not funny — it’s not fun at all. I wouldn’t wish that experience on anyone. My first cellmate was a double murderer. Once you’re in there, no one cares who you are. They just treat you like anyone else,” he said.
He explained that while he was not mistreated, he was not given any special treatment either. Most guards and inmates did not know who he was, and he was monitored like any other prisoner. Since he is not a U.S. citizen, CZ was placed in a low-security prison instead of minimum-security, which is typical for white-collar offenders.
CZ said that prison was mentally stressful. One of his biggest fears was that his sentence could be extended unexpectedly, which he said happens to many inmates. Even after serving his four months, immigration issues caused delays in his release, and he was temporarily held in a detention center.
Despite the challenges, CZ said that most of the inmates were respectful and that he had no conflicts during his time in prison. He also revealed that he’s writing a book that will include more details about his experience.
The post Binance’s CZ Breaks Silence on Prison Time, Cellmate Was a Double Murderer: ‘No One Cares’ appeared first on Coinpedia Fintech News
Changpeng Zhao, also known as “CZ” and the founder of cryptocurrency exchange Binance, recently shared details of his prison experience following his legal troubles in the United States. In November 2023, both CZ and Binance pleaded guilty to several charges related to money laundering and regulatory violations. To settle the case, Binance agreed to pay …
High-stakes crypto trader James Wynn has taken his riskiest bet yet – a $1.2 billion leveraged Bitcoin long position on Hyperliquid. However, CrediBULL Crypto says James Wynn’s Hyperliquid BTC long position runs a high risk of liquidation. CrediBULL Crypto Is Pitching His Tent Against James Wynn Pseudonymous cryptocurrency investor James Wynn has sent the cryptoverse buzzing after opening a Hyperliquid BTC long position. Per on-chain data, James Wynn’s new leveraged long position is valued at $1.25 billion and comprises 11,407 BTC. The high-stakes investor has previously gone long on Bitcoin before taking partial profits. James Wynn’s previous $1.1 billion BTC long threatened to send the HYPE token price to $100. Now, Wynn has reopened the position while raising the stakes, but pundits are predicting a grim outlook for the trader. Wynn’s Hyperliquid BTC long position is set at $105K, and with Bitcoin price trading at $108K, CrediBULL Crypto says Wynn… Read More at Coingape.com
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Ethereum’s recently introduced smart wallet feature, EIP-7702, is under scrutiny after blockchain security researchers uncovered cybercriminals’ misuse of it. Following the Pectra upgrade, several wallet providers have begun integrating EIP-7702 features.
Analysts at Wintermute, a crypto trading firm, noted that attackers used 97% of EIP-7702 wallet delegations to deploy contracts designed to drain funds from unsuspecting users.
EIP-7702 temporarily allows externally owned accounts (EOAs) to operate as smart contract wallets. The upgrade enables features like transaction batching, spending limits, passkey integration, and wallet recovery—all without changing wallet addresses.
While these upgrades aim to enhance usability, malicious actors are leveraging the standard to speed up fund extractions.
Instead of moving ETH manually from each compromised wallet, attackers now authorize contracts that automatically forward any received ETH to their own addresses.
“No doubt attackers are one of the early adopters of new capabilities. 7702 was never meant to be a silver bullet and it does have great use cases,” Rahul Rumalla, Chief Product Officer at Safe, said.
Wintermute’s analysis shows that most of these wallet delegations point to identical codebases designed to “sweep” ETH from compromised wallets.
These sweepers automatically transfer any incoming funds to attacker-controlled addresses. Out of nearly 190,000 delegated contracts examined, more than 105,000 were linked to illicit activity.
Koffi, a senior data analyst at Base Network, explained that over a million wallets interacted with suspicious contracts last weekend.
He clarified that attackers didn’t use EIP-7702 to hack the wallets but to streamline theft from wallets with already exposed private keys
The analyst furthered that one standout implementation includes a receive function that triggers ETH transfers the moment funds land in the wallet, eliminating the need for manual withdrawal.
Yu Xian, founder of blockchain security firm SlowMist, confirmed that the perpetrators are organized theft groups, not typical phishing operators. He noted that EIP-7702’s automation capabilities make it particularly attractive for large-scale exploits.
“The new mechanism EIP-7702 is used most by coin stealing groups (not phishing groups) to automatically transfer funds from wallet addresses with leaked private keys/mnemonics,” he stated.
Despite the scale of the operation, there are no confirmed profits so far.
A researcher at Wintermute noted that attackers have spent about 2.88 ETH authorizing over 79,000 addresses. One address alone executed nearly 52,000 authorizations, yet the target address has not received any funds.
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