A Story Written Under Unusual Conditions
Changpeng Zhao’s autobiography “Money Freedom” already stands out because of its origin. A significant part of the book was written in a U.S. prison—under conditions where access to a computer was limited to short 15-minute sessions. This is not just a story of success, but a personal взгляд at the industry from a situation where the author had time to rethink his path, decisions, and consequences.
From Partnership to Conflict: Binance and FTX
Initially, Binance and FTX cooperated: Zhao’s exchange invested in Sam Bankman-Fried’s project. However, over time the relationship deteriorated. FTX began actively poaching employees and clients, turning the partnership into fierce competition.
This conflict became one of the key threads of the book—as an example of how quickly alliances can shift in the crypto industry.
“A Couple of Billion” — The Call That Became a Symbol of Crisis
One of the most striking episodes is Bankman-Fried’s call at the height of FTX’s collapse. According to Zhao, the request for billions of dollars in assistance sounded calm and casual, as if he were ordering food.
This moment became symbolic of the entire situation: the outward confidence of FTX’s leadership sharply contrasted with the real scale of problems inside the company.
An Attempted Deal That Never Happened
After that conversation, Binance considered the possibility of acquiring FTX. Zhao signed a preliminary agreement but emphasizes that it was more of a step to assess the situation than a genuine intention to complete the deal.
When the real financials became clear, it was evident—the risks were too high. The deal was canceled, and FTX’s collapse became inevitable.
What Accelerated FTX’s Downfall
Zhao believes that a key role was played by a statement from Alameda Research CEO Caroline Ellison about supporting the FTT token at the $22 level.
The market perceived this price as a ceiling. As a result, traders began массово opening short positions, triggering a cascading sell-off and worsening the liquidity crisis.
Meeting a Regulator Who Became an Opponent
An interesting twist is Zhao’s account of meeting Gary Gensler. In 2019, they met in Tokyo in an informal setting, discussed the crypto industry, and at the time Gensler seemed more like a supporter of the technology.
Zhao even offered him an advisory role at Binance. He declined. Years later, Gensler became head of the SEC and one of the main drivers of actions against the exchange—a sharp contrast to their earlier relationship.
Government Pressure and a Multi-Billion Dollar Fine
A separate section of the book is devoted to the U.S. Department of Justice investigation. Initially, authorities demanded nearly $6.8 billion in fines. Eventually, the amount was reduced to $3.4 billion.
Zhao himself paid $50 million and stepped down as CEO. This moment became a turning point—not only for him personally but for the entire company.
Life Behind Bars: A Stark Contrast
The prison experience is described without embellishment. Restrictions, everyday hardships, and living alongside other inmates—all of this stood in stark contrast to the billionaire lifestyle he once had.
Zhao recalls sharing a cell with a person convicted of murder, suffering from constant snoring, and poor nutrition that caused him to lose about 6 kg. These details add personal depth to the book.
Risky Early Days of Binance
The book includes many stories from Binance’s first months. One of them is almost anecdotal: the exchange nearly lost access to key funds when an employee’s laptop was destroyed in a domestic conflict.
This case shows how fragile even large projects can be at the start.
Unexpected Millions
Zhao recounts how in 2017 he paid employee bonuses in BNB tokens. At the time, it seemed like a routine decision.
Years later, he discovered that he himself had received such allocations—and now holds assets worth tens of millions of dollars. This is a vivid example of the unpredictability of the crypto market.
Conclusion: A Book About Risk, Power, and the Cost of Decisions
“Money Freedom” is not just a personal story but also an attempt to explain how the crypto industry works from the inside.
The book portrays a world where decisions are made rapidly, the stakes are enormous, and the consequences can be either triumphant or devastating. It is a story about how easy it is in this field to move from control to crisis—and how costly mistakes can be.
