Changpeng Zhao’s (CZ) Meteoric Wealth Surge
Changpeng Zhao, the ousted founder of Binance, witnessed an unprecedented growth in his wealth during 2023, soaring by a staggering $24.6 billion. Despite legal challenges, CZ’s fortune skyrocketed by 195.9%, reaching an estimated $37.2 billion, placing him among the top 35 wealthiest individuals globally.
CZ’s riches stem predominantly from his majority ownership in Binance, the world’s leading cryptocurrency exchange in terms of trading volume. This remarkable ascent in his wealth coincides with Bitcoin’s resurgence from its lows in 2022.
Crypto Holdings and Wealth Estimation
Notably, CZ’s ownership of cryptocurrencies like Bitcoin and Binance Coin (BNB) is not factored into the estimated $37.2 billion. The precise quantity of these tokens remains undisclosed, as detailed by the Bloomberg Billionaires Index.
However, CZ’s current estimated wealth is notably lower than its peak value of nearly $97 billion at the beginning of 2022. Additionally, it has dipped from its year-to-date high of $50.4 billion in July, according to the Bloomberg Billionaires Index.
Wealth Surges Amid Legal Turmoil
Remarkably, CZ’s $24.6 billion surge in wealth surpasses over five times the $4.3 billion fines imposed on Binance by U.S. authorities. Following a plea deal related to anti-money laundering and U.S. sanctions violations, Binance agreed to continue operations, necessitating Zhao’s retirement as CEO and a personal $50 million fine while retaining his ownership stake in the exchange.
Crypto Market Dynamics: Surging Wealth of Industry Figures
While CZ’s fortunes soared, Brian Armstrong, CEO of Coinbase, experienced a significant year-to-date wealth surge, accumulating $5.8 billion, reaching a total of $7.2 billion.
Similarly, Tyler and Cameron Winklevoss, co-founders of the Gemini exchange, individually observed a $1.4 billion surge in their wealth this year.
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