Three CZs, three different stories

Author: CoolFish

Recently, friends in the group have been discussing three "CZs"—Binance founder Changpeng Zhao, Manus COO CZ Chen, and Prince Group boss Chen Zhi, who was recently arrested and returned to China.

If A Bao in "Blossoms Shanghai" represents the glamorous transformation of Shanghai in the 1990s under the opportunities of the times, then the following stories are three different scripts presented by three CZs who chose different paths in the wave of globalization.

Three people, three stories, spanning nearly half a century.....

I. Chen Zhi and the Grassroots Era—The Myth of Getting Rich in the Gray Area

In the mid-2010s, the enthusiasm of Chinese capital to go overseas was high.

This is a unique moment: on the one hand, China's economic strength continues to rise, its foreign exchange reserves are abundant, and domestic enterprises and investment institutions have an increasingly strong desire for global expansion, urgently needing to find new growth points in overseas markets; on the other hand, the regulatory framework for global cross-border capital flows is already lagging behind the pace of market changes, and the entry rules and review standards of some countries are still in the process of adjustment and improvement, creating a certain degree of flexibility due to regulatory differences between different markets. There are many gray areas, and many opportunities. Chen Zhi (initials CZ) rose to prominence against this backdrop. This 38-year-old businessman, through establishing a transnational fraud network, once earned as much as $30 million a day. This figure is enough to make anyone's eyes widen. But more importantly, this figure represents an unrestrained gray area. In Chen Zhi's story, we see a grassroots entrepreneur venturing overseas, but going completely astray. He didn't create value through product innovation, technological progress, or management optimization. He amassed his wealth through direct, aggressive, and even illegal means. He established a "fraud center" in Cambodia, using forced labor to target victims worldwide with online scams. He attempted to launder money using financial instruments, employing cryptocurrencies, cross-border payments, and multi-country registrations to evade regulation. Why could this model exist? The answer is simple: because no one could effectively stop it. In the mid-2010s, global regulation of transnational cybercrime was not as stringent as it is now. Law enforcement cooperation between countries was also insufficient. Someone with the courage, resources, and the ability to reduce their chances of being regulated and held accountable through lobbying, rule shifts, and jurisdictional immunity could survive, and even thrive, in the cracks of the law. But all of this came to an abrupt end in October 2025. US prosecutors filed charges against Chen Zhi. In January 2026, he was arrested in Cambodia and subsequently deported to China. His empire collapsed overnight. What does Chen Zhi represent? He represents a bygone era. That era was characterized by regulatory vacuums, numerous gray areas, and the possibility of rapid wealth accumulation. But the fate of this era is that once global regulation begins to coordinate, once countries begin to strengthen law enforcement cooperation, and once the international order begins to be rebuilt, this model will completely collapse. Chen Zhi's arrest is not just an individual tragedy, but also the end of a gray era. II. Zhao Changpeng and the Era of Tech Entrepreneurship—The Game Between Innovation and Compliance If Chen Zhi represents the era of gray-area wealth accumulation, then Zhao Changpeng represents the era of tech entrepreneurship. This is a completely different story. Zhao Changpeng was born in 1977 in Lianyungang, Jiangsu Province. His upbringing is typical: he immigrated to Canada at the age of 12, studied computer science at McGill University, and after graduation worked for companies such as Bloomberg and the Tokyo Stock Exchange, developing technology and financial software. He is a technologist, a programmer with financial expertise. This background is important. Unlike Chen Zhi, Zhao Changpeng does not create value by circumventing regulations, but rather by changing the entire industry ecosystem through technological innovation. In 2013, Zhao Changpeng entered the cryptocurrency field, working at Blockchain.info and serving as the Chief Technology Officer of OKCoin. He is best known for selling his Shanghai property in 2014 to raise funds and invest in Bitcoin. After less than a year in the company, he left OKCoin and founded his second company, Bijie Technology, but this wasn't his greatest achievement. In 2017, Changpeng Zhao founded Binance. This was a pivotal moment. 2017 was a banner year for cryptocurrencies, with Bitcoin soaring from $3,000 to nearly $20,000, and the entire crypto community was celebrating. Against this backdrop, Changpeng Zhao launched Binance—an efficient and user-friendly cryptocurrency exchange. Binance's success was astonishing. In less than eight months, it became the world's largest cryptocurrency exchange, capable of processing approximately 1.4 million orders per second. Changpeng Zhao himself became a legendary figure; in February 2018, Forbes magazine named him the "richest person in the cryptocurrency world." In May 2018, his net worth exceeded $1.39 billion. However, there is a key difference: Changpeng Zhao's success is built on product innovation. Binance succeeded because it offered a better user experience, higher trading efficiency, and a wider range of cryptocurrencies. But Changpeng Zhao also faced a problem: regulatory oversight. While Binance changed the exchange ecosystem through product innovation, it did not obtain a formal financial license in any country. This might have been acceptable in 2017 and 2018, but over time, global regulators began to pay attention to cryptocurrency exchanges. Zhao Changpeng faced a choice: either fight the regulators or compromise and surrender to them. He ultimately chose the latter. In November 2023, Zhao Changpeng and Binance pleaded guilty to violating the Bank Secrecy Act and anti-money laundering regulations with the U.S. Department of Justice. Binance was fined $4.3 billion, and Zhao Changpeng stepped down as CEO. This is an interesting contrast. Chen Zhi chose to flee and fight when faced with regulatory pressure, and was eventually arrested. Zhao Changpeng chose to plead guilty and survived. Although Binance suffered a significant blow, it still exists and has strengthened cooperation with relevant U.S. regulatory agencies. In the long run, the market will become more regulated, and Binance will remain the world's largest cryptocurrency exchange. What does Zhao Changpeng represent? He represents a typical characteristic of the era of technology startups. In this era, an entrepreneur with a technical background and product innovation capabilities can rise rapidly by changing the industry ecosystem. However, this era is also characterized by the gradual tightening of regulations. Innovators can temporarily circumvent regulations, but ultimately they will have to face regulatory catch-up. Success in the era of technology entrepreneurship lies not in resisting regulation, but in adapting to it. Those companies and entrepreneurs who can continue to innovate within the regulatory framework are the true winners. III. CZ Chen and the AI ​​Era—New Possibilities for Leapfrog Development If Chen Zhi represents the era of grassroots development, and Zhao Changpeng represents the era of technology entrepreneurship, then CZ Chen represents the great leap forward under the AI ​​wave. This is a completely new story. CZ Chen is a post-90s generation. She is not an entrepreneur, but a professional manager. She graduated from Shanghai University of Finance and Economics with a bachelor's degree and from Columbia University with a master's degree. Her career trajectory is also impeccable: she worked at Vanke, MM Capital (an investment bank), and finally joined Manus AI as Chief Operating Officer. CZ Chen didn't create wealth by founding companies, but rather through precise career choices. She joined the right company at the right time and ultimately reaped enormous rewards. The story behind Manus and its founder, Xiao Hong, is also quite interesting (see my other article, "Xiao Hong: From Small-Town Youth to Manus CEO, a Bitcoin Believer's Long-Termism"). In March 2025, Manus shocked the global tech world, with media calling it the world's first universal AI agent. By December, Manus had achieved $100 million in annual recurring revenue (ARR), breaking the record for the fastest startup to reach this milestone. In the same month, Meta announced its acquisition of Manus. This was a huge success. CZ Chen, as the company's... The COO undoubtedly gained immense wealth and fame. But the story doesn't end there. On January 8, 2026, China's Ministry of Commerce announced it would investigate Meta's acquisition of Manus to assess whether the transaction violated Chinese laws and regulations regarding technology export controls, import and export, and overseas investment. CZ Chen seems to suddenly face uncertainty, but this uncertainty is entirely different from that faced by Chen Zhi or Zhao Changpeng. Chen Zhi faces moral and legal judgment—his business model itself is illegal. Zhao Changpeng faces compliance pressure—his business model needs to compromise with regulations. CZ Chen, however, faces geopolitical risks—her success itself is not problematic, but it involves the technological competition between China and the US. What does CZ Chen represent? She represents AI. New Possibilities of the Era. In this era, a well-educated professional with an international perspective and the ability to accurately grasp market opportunities can achieve rapid wealth accumulation by joining the right company and making the right choices at the right time. In Conclusion: Times are changing, and so are the rules. Three "CZs," three different lives, yet like three prisms, reflecting three facets of the struggle between individuals and power, technology, and national will in the tide of development. Some gamble on the gray areas, some embrace the growing pains of regulation, and some ride the AI ​​wave. Tickets to the era are always being issued, only each era looks different. If you can't adapt, you'll be left out.