In his memoir, ‘Freedom of Money’, published in April 2026, Zhao reveals critical insights into the FTX saga, particularly highlighting the involvement of Caroline Ellison. In November 2022, Ellison publicly offered to buy Binance’s FTT holdings at a floor price of $22 per token. This offer triggered a massive withdrawal from FTX, with $6 billion exiting the platform within just 72 hours, ultimately leading to its collapse.

Zhao’s memoir also discusses the non-binding Letter of Intent he signed with FTX, which he described as a mere formality, stating, “I signed the non-binding Letter of Intent with FTX as a formality, stating that I was not making any commitment.” This letter was part of a broader context involving a group of exchange leaders, including Zhao and Sam Bankman-Fried, who were part of the Signal group during the Terra/LUNA collapse.

Facing legal challenges, Zhao pleaded guilty to one count of violating the Bank Secrecy Act. He acknowledged that the compliance failures were not intentional evasion but rather a result of institutional lag. In his reflections, he noted, “I had made mistakes. I had prioritized growth over compliance.”

His memoir also delves into over 100,000 suspicious transactions linked to designated terrorist organizations, emphasizing the need for better regulatory oversight in the cryptocurrency space. Zhao’s perspective on freedom has evolved, as he stated, “My reflection on freedom evolved from ‘the absence of constraint’ to ‘the intelligent navigation of constraint.'”

Furthermore, Zhao described the $4.3 billion settlement he faced as a representation of every transaction, user, and decision made over six years of building Binance.

The FTX collapse serves as a cautionary tale, underscoring the importance of discretion, transparency, and vigilance in the fast-paced world of cryptocurrency. As regulators and investigators continue to scrutinize the actions of individuals and entities involved in this saga, the full implications of Zhao’s pardon and the surrounding events remain to be seen.

Details remain unconfirmed regarding the ongoing investigations and any further legal ramifications for Zhao and others involved in the FTX collapse.

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