The New York Times has acquired an illuminating, nearly 300-page draft of Changpeng Zhao’s forthcoming memoir, unveiling clandestine negotiations with the Department of Justice, his experiences during incarceration, and his contentious rivalry with Sam Bankman-Fried.
However, while the NYT presented what it deemed a critical examination, Zhao, widely known as CZ, along with the crypto community, swiftly reframed it as a remarkable instance of free marketing for his upcoming book.
Inside the Manuscript
The New York Times reported on February 27 that it had secured a draft of CZ’s anticipated book titled “Freedom of Money.” This manuscript showcases private discussions with the U.S. Department of Justice, the four-month prison sentence he endured, and the fierce rivalry with Sam Bankman-Fried.
Per the NYT, prosecutors originally sought a staggering $6.8 billion from Binance, to which the exchange countered with a mere $500 million. Ultimately, a settlement of $4.3 billion was reached. CZ admitted guilt to a singular count of violating anti-money-laundering statutes.
The memoir further narrates an unprecedented encounter with Immigration and Customs Enforcement following his release. ICE issued a detainer, alleging he overextended his visa while incarcerated. Legal intervention was initiated; nonetheless, he endured his final fortnight in police custody.
Remarkably, on his release day in September 2024, CZ transitioned directly from detention to a private jet, with a scant 26 minutes elapsing between his departure from custody and takeoff, as revealed by the manuscript.
This work also chronicles CZ’s exchanges with former SEC Chair Gary Gensler. CZ recounted presenting an advisory role at Binance to Gensler, who notably declined. Their paths later crossed over sushi in Tokyo in 2019.
Regarding the FTX founder, CZ recalled that during the tumult of 2022, SBF requested billions with an air of casualness, akin to asking for a bologna sandwich.
President Trump extended a pardon to CZ last fall, and the memoir contains segments that advocate for Trump’s handling of classified materials. CZ even suggested rewarding an employee who took files to peruse in the bathroom.
Intriguingly, the manuscript conspicuously omits specifics concerning CZ’s pardon campaign and Binance’s business interactions with the Trump family’s cryptocurrency initiative.
CZ Responds: ‘Free Advertising’
In a prompt retort on X following the NYT’s disclosure, CZ characterized the article as a complimentary promotion for his literary venture.
“NYT is advertising my upcoming book already, for free,” CZ stated, asserting that the Times had procured “a very early draft, without permission.”
His attorney, Teresa Goody Guillén, expressed that the NYT was “writing based on material that is neither in CZ’s book nor in his words.”
Furthermore, the manuscript encapsulates a defense of Trump regarding the classified documents case. When a user on X referenced CZ’s statement about incentivizing employees to read files in the restroom, CZ amusingly replied: “Make sense, right?”
CZ indicated that the English title remains subject to revision, while the Chinese edition is tentatively designated as 《币安人生》. He also noted potential delays in publication, citing that each editing phase requires two to three weeks.
Road to Publication
This memoir has been in development since at least March 2025, at which point CZ revealed an initial draft consisting of 114,000 words. The manuscript has since been streamlined to approximately 97,000 words over 300 pages.
CZ opted for simultaneous self-publication in both English and Chinese, expressing that engaging with a traditional publisher would be overly time-consuming. He pledged that all proceeds would be allocated to charitable endeavors.
Throughout the writing process, CZ hinted that the book would scrutinize any potential affiliations between FTX and the catastrophic collapse of Terra/LUNA in May 2022. Ultimately, he decided against including such conjectures, stating he “never saw hard evidence.”
The reaction on X predominantly framed the NYT’s report as inadvertent book marketing, with numerous users echoing CZ’s sentiment.
Additionally, Chinese-speaking individuals engaged in discussions about the translation nuances of “Freedom of Money,” pondering whether it signifies financial liberation or monetary liberty.
Some noted its resemblance to Li Xiaolai’s book “The Road to Financial Freedom,” authored by a prominent figure in the Chinese crypto sphere.
The buzz surrounding the memoir incited a new memecoin, dubbed “Freedom of Money,” which witnessed a meteoric rise to an $8.3 million market capitalization.
On-chain analyst EyeOnChain highlighted three wallets that had accumulated these tokens prior to the NYT revelation, transforming a collective investment of $8,600 into an astonishing $781,000 in unrealized profits.
Preemptively, CZ addressed the speculative nature of memecoins. In a January 8 post regarding the Chinese title 《币安人生》, he explicitly stated his lack of ownership of related memecoins, stating, “This is not related to any meme tokens or listings.”
Source link: Beincrypto.com.
