These two tycoons earned their wealth by improper means at home, and then transferred their assets abroad, thinking that they would be able to spend the rest of their lives safely by going abroad, but they were tragically cleaned up by the United States.
One billionaire was fined $7.216 billion by the United States, and the other will face up to 27 years in prison.
So who are these two rich people?
And for what reason was it tragically cleaned up by the United States?
Binance founder Changpeng Zhao
Changpeng Zhao was born in Lianyungang, Jiangsu Province in 1977 to intellectually parents, and his family immigrated to Canada when he was 12 years old.
Changpeng Zhao has been interested in computers since he was a child, and when he grew up, he chose to study at McGill University in Canada, where he learned a lot of computing expertise, which laid the foundation for his future entrepreneurship.
After graduating from university, he became a computer software researcher, and planned to use his knowledge in computer science to make a career in Tokyo, Japan.
What Zhao Changpeng never expected was that there was a serious phenomenon of seniority in the Japanese workplace, which made him unable to exert his strength at all, and soon because he couldn't stand this phenomenon, he resigned and left.
After being hit in the Japanese workplace, he was unwilling, so he planned to go to the United States for development, and Changpeng Zhao successfully joined Bloomberg in New York, USA, with the hard conditions of his academic qualifications.
Changpeng Zhao was in charge of developing futures software at Bloomberg, one of the largest financial consulting firms at the time, where many business elites gathered.
Over the course of two years, he gained the recognition of his leadership for his unique insights and subsequently became the company's technical director.
But Changpeng Zhao's ambitions are far more than that, a few years later, Changpeng Zhao found that the mainland has a large market for developing systems, and then resigned from his executive position and came to China to develop.
In 2005, Changpeng Zhao came to the mainland Shanghai area and founded a Fuxun software company specializing in developing high-frequency trading systems for mainland brokers, during which time he learned about the Bitcoin industry.
Bitcoin is not a coin used in life, but a high-security virtual currency, and then Changpeng Zhao joined the virtual currency trading platform founded by Xu Xingxing in 2013 and began the road of research on virtual currency.
In 2017, after four years of precipitation, Changpeng Zhao has basically mastered the core R&D technology of virtual currency, so he took the company's accumulated contacts and technology to create the Binance platform on his own.
After Changpeng Zhao was established on Binance, it took less than 6 months for its net profit to reach 200 million US dollars, which shocked the global financial circle as soon as the news came out.
On September 4, 2017, seven ministries and commissions, including the Central Network Credit of the Mainland and the People's Bank of China, jointly issued an announcement:
"Clearly define virtual currency issuance and financing activities as "illegal financial activities", and require all relevant trading platforms to clean up and close transactions before the end of the month".
Bitcoin, a virtual currency, does not need to pass real-name authentication, and also has an ultra-high-security encryption system, which will provide many criminals with conditions for transferring funds.
The relevant departments of the mainland decided to prohibit the circulation and use of virtual currencies in the Chinese market, and explicitly promulgated relevant policies.
Changpeng Zhao led the team, and since then he has become a "backpacker" and began to live a wandering life around the world, and China is the first country in the world to ban virtual currencies.
Countries around the world gradually discovered that there are serious dangers in virtual currency, and then gradually promulgated policies prohibiting the use of virtual currency, during which as long as the countries that Changpeng Zhao has visited, have promulgated policies prohibiting virtual currency.
From 2017 to 2021 alone, Changpeng Zhao's Binance was banned in China, the United States, Japan, the United Kingdom, and Singapore.
Although many countries have banned Binance, Binance's revenue has not decreased, and in 2021, Binance's single-day trading volume was as high as $76 billion, and it was this year that Changpeng Zhao's worth reached 573.3 billion yuan, becoming the richest Chinese in one fell swoop.
With Binance, Changpeng Zhao can earn hundreds of millions of dollars in a single day, and the United States is already red-eyed at this time, and has begun to focus on Binance's "fat sheep".
Changpeng Zhao was fined 50 billion yuan and banned from leaving the United States
In June 2023, the U.S. Securities and Exchange Commission charged Changpeng Zhao with violating U.S. securities regulations and required Changpeng Zhao to appear in court in the United States.
The UAE did not have an extradition treaty, so Changpeng Zhao stayed in the UAE and did not go anywhere, and the United States had no way to face such a situation, and then Changpeng Zhao had a long tugging with the United States.
The U.S. side said it could agree to let Changpeng Zhao await trial in the United Arab Emirates, and it could also guarantee that even if Changpeng Zhao was imprisoned, he would be placed in a lowest-security prison to ensure his safety.
Changpeng Zhao actually believed the "rhetoric" of the United States, and then signed a confession and boarded a plane to the United States, not knowing that he would be sanctioned by the insidious methods of the United States.
In December 2023, the U.S. Futures Trading Commission announced that it would impose a $2.85 billion penalty on Changpeng Zhao's Binance, and Changpeng Zhao did not hesitate to pay the fine.
Changpeng Zhao thought that this incident was over, and when he was about to return to the United Arab Emirates, something unexpected happened to him, and the United States began to limit the time for Changpeng Zhao to leave the United States for various reasons.
During this period, the United States "frantically increased" the charges against Changpeng Zhao, at first only accusing him of money laundering and helping criminals evade sanctions, and later directly charged him with illegal activities such as drugs, child abuse, and terrorism.
The United States successively made Changpeng Zhao pay a total of 7.216 billion US dollars through "various criminal evidence", tried all kinds of ways to restrict his freedom to leave the country, and then confiscated all his passports from various countries, and since then Changpeng Zhao has been completely imprisoned by the United States.
It is not difficult to see that the United States intends to hollow out all of Changpeng Zhao's assets, and when the assets are hollowed out, if nothing else, he will be sent to other countries at will and let him fend for himself.
Another rich man is not as lucky as Changpeng Zhao, at least he can rely on it, and the rest of the money will survive for a while, and the other will face up to 27 years in prison, this person is the rich Qin Hui.
"Heaven and Earth" boss Qin Hui
On October 2, 2023, Qin Hui was arrested by local police on charges of "using false identity documents" at a hotel near Manhattan Plaza in the United States.
After deep investigation by the media, it was learned that Qin Hui was the former owner of the "Heaven and Earth" nightclub who had disappeared for six years.
In 1995, Qin Hui used a company with a strong background to buy a nightclub from a Taiwanese businessman in China as a guarantee for a $1.8 million loan from a bank, and he changed the name of the nightclub to "Heaven and Earth".
The nightclub is located near the five-star hotel in Beijing's East Third Ring Road, close to Sanlitun, you can imagine how good the location is, and the interior decoration of the nightclub is extremely luxurious.
Qin Hui also hired members of the "Four Seas Concentric Association" to become the team of nightclub management, and there was a group of beautiful women in the nightclub, and the masses with a monthly salary of several hundred in the 90s did not dare to approach that place at all.
Most of the consumer groups in the "heaven and earth" are the big bosses of the rich side, and some powerful people, including Zhang Enzhao, the former president of the China Construction Bank.
In 2005, Zhang Enzhao was investigated and prosecuted in China on suspicion of "shuanggui", and according to the materials announced by the court, Qin Hui successively paid bribes to Zhang Enzhao six times in the three years from 2002 to 2005.
Zhang Enzhao pocketed the stolen money every time, embezzling 100,000 yuan, 60,000 US dollars, and 200,000 Hong Kong dollars respectively, and Zhang Enzhao used the convenience of public office to provide Qin Hui with a loan of up to 600 million yuan and help him complete the release of the mortgage.
In the end, the mainland people's court sentenced Zhang Enzhao to 15 years in prison for accepting bribes.
Although Zhang Enzhao was arrested, because Qin Hui's many investigations did not find anything, he was allowed to survive this incident, but he also began to consider reselling the "heaven and earth", but no one took over.
On April 11, 2010, the police conducted a surprise inspection of the "Heaven and Earth" and finally sealed it down.
ran a nightclub place and bribed officials, but he was unharmed many times, but unfortunately he knew that this Qin Hui was not simple, but because his "head was too stupid", he lost money in any business.
Qin Hui finally chose to transfer all his assets to the United States due to high debts, and then played the "vanishing technique".
He thought that he could use the money he earned in China from unknown sources to go to the United States for the rest of his life, but what he never expected was that he was severely cleaned up by the United States.
Qin Hui was arrested in the United States and faces a verdict
On October 2, 2023, after Qin Hui was arrested in the United States, according to US media reports, Qin Hui donated $11,600 to New York government officials in his personal name, thereby defrauding a US green card and a Florida motor vehicle driver's license.
And Qin Hui's name submitted to the USCIS is also fake, the name he used when applying for a green card was Li Mulin, and he explained to the USCIS that he had not used another name.
According to US media reports, if Qin Hui does not admit his guilt, he will face a maximum sentence of 27 years in prison, and if he pleads guilty, then his sentence will be reduced to 6 months, and Qin Hui is still imprisoned in the United States after his arrest.
It is obvious to the United States that Qin Hui's assets have been emptied, so he was sentenced to prison by the United States and thrown into prison because he was worthless.
summary
These two rich men are punished in such a situation in the United States, and to tell the truth, they do not deserve our sympathy at all for the two of them to earn money from unknown sources in China, and then transfer it abroad, and finally be harvested by the United States.
This kind of piracy by the United States is like a dog that always wants to go up and bite two bites when it sees a "bone", and this despicable behavior is also spurned by us.
Key Sources:
The original article was published in the People's Daily on September 5, 2017 on "the central bank and other seven departments suspended all kinds of token issuance and financing activities".
The original article was published on Qingdao News Network on December 21, 2023, about the former "richest Chinese" being heavily fined by the United States again, and the cumulative fine has exceeded 50 billion yuan. reports.
The original article was published in Jiemian News on March 21, 2024, about "What happened to Qin Hui, the former boss of "Heaven and Earth", in the United States.
The original article was published in China Business News on March 22, 2024, about the "ex" heaven and earth "boss Qin Hui admitted to three crimes in the United States, including immigration fraud, and will be deported after completing his sentence".
The original article was published in the Yangtze Evening News on September 30, 2006 on "Zhang Enzhao, former president of the China Construction Bank, pleaded guilty and was accused of accepting bribes of 4.15 million yuan 19 times".