April 14, 2024
CZ's Wealth Surges Binance Founder Gains $25 Billion in 2023
Latest Cryptocurrency News

CZ’s Wealth Surges: Binance Founder Gains $25 Billion in 2023

Despite facing U.S. criminal charges and resigning as CEO of Binance, Changpeng “CZ” Zhao experienced a substantial increase in wealth in 2023. His net worth surged by nearly $25 billion, reaching an estimated $37 billion, making him the 35th richest person globally, per the Bloomberg Billionaires Index. This wealth primarily stems from Zhao’s controlling stake in Binance. Notably, his holdings in Bitcoin and Binance’s native coin, BNB, are not factored into the index.

In November, Binance founder Zhao and the exchange admitted guilt for anti-money laundering and sanctions breaches, leading to a groundbreaking U.S. settlement. Binance accepted a $4.3 billion fine, and Zhao personally agreed to a $50 million penalty. Nevertheless, Zhao could face a maximum 18-month prison term, and a recent federal judge decision prohibits him from returning to the United Arab Emirates. His sentencing is set for Feb. 23.

Although Zhao’s current wealth of $37.2 billion is significantly lower than its peak of almost $97 billion in early 2022, it reflects a notable rebound from the year-to-date high of $50.4 billion in July.

In 2023, other crypto executives also witnessed increased personal wealth amid market recovery. This includes Brian Armstrong, CEO of Coinbase, with an estimated wealth of $7.2 billion, Coinbase co-founder Fred Ehrsam ($2.5 billion), Gemini co-founders Tyler and Cameron Winklevoss ($2.7 billion each), and Barry Silbert, founder of Digital Currency Group ($2 billion).

Contrastingly, Sam Bankman-Fried, the former CEO of the now-defunct FTX crypto exchange, faces a different fate. Despite being jailed and convicted of fraud, his estimated net worth remains at $0, a considerable decline from its peak of $25.9 billion in March last year, according to the Bloomberg report.

Image By freepik

Related posts

Crypto Wealth Surpasses $1.18 Trillion Globally, with Bitcoin Dominating: Henley & Partners Report

Eva Moore

Binance Hits $100B in Assets Amid Regulation

Anna Garcia

High-Risk Telegram Vulnerability Exposes Users: CertiK Alert

Bran Lopez

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More