CZ New Book: The fine amount proposed by the U.S. Department of Justice was initially 6.8 billion dollars

Binance founder Zhao Changpeng (CZ) recalled in his new book that during negotiations with the U.S. Department of Justice, the other party initially proposed a fine of up to $6.8 billion, far exceeding the final settlement amount.

He stated that the two sides started with about $500 million and went through multiple rounds of negotiations, during which the prosecution repeatedly pressured and issued "ultimatums," ultimately reaching a settlement of $4.3 billion.

CZ also mentioned that some lawyers suggested "paying a higher fine might help reduce the sentence," but the Department of Justice later used the high fine as one of the bases for "seriousness of the issue" in court.