Democrats are investigating whether political or financial ties influenced the presidential pardon granted to Changpeng Zhao, known as CZ, in October 2025. The inquiry comes after a Binance hack compromised an internal wallet-signing service and triggered unauthorized transfers of $6.34 billion across several blockchain networks. Binance said approximately $2.85 billion had been frozen or intercepted and that 98% of affected token assets had been replenished by October 31. The exchange’s former chief executive pleaded guilty in 2023 to failing to maintain an effective anti-money-laundering program, then stepped down, served four months in prison and received the pardon. He has nevertheless continued defending Binance and commenting on its activities, raising fresh questions about his lasting influence and the platform’s ability to protect customer assets.
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