A year ago, Sam Bankman-Fried and Changpeng Zhao ran two of the largest crypto companies. As they grapple with legal woes, others are jockeying to lead the industry’s next chapter.
The crypto exchange treated them as essential customers, the government said. U.S. authorities want the industry to understand how bad that is for business.
Changpeng Zhao will pay a $50 million fine and step down as chief executive of the company he created, the latest blow to the crypto world since the implosion of FTX last year.