The year 2023 marked a resurgence of Bitcoin (BTC) and the broader cryptocurrency market. This includes several industry leaders who have recorded massive increases in their net worth. Changpeng Zhao (CZ), the former CEO of Binance, tops the list with an estimated wealth surge of nearly $25 billion in 2023. Despite pleading guilty to US criminal charges in November and facing potential prison time, Zhao’s fortune now exceeds $37 billion.
Crypto CEOs gain big
This financial windfall is more than five times the $4.3 billion in fines Binance agreed to pay to US authorities. Although Binance lost some market share, increased trading volumes accompanying the crypto market rebound benefited the exchange. Zhao, who still owns a controlling stake in Binance, has holdings in Bitcoin and Binance’s native coin, BNB, contributing to his wealth.
Brian Armstrong, CEO of Coinbase Global Inc., also enjoyed a notable wealth increase of $5.8 billion in 2023, reaching a total of $7.2 billion. Coinbase’s shares surged nearly 400% during the year, with Armstrong holding an estimated 16% stake in the company. Coinbase co-founder Fred Ehrsam’s wealth rose by $1.8 billion to approximately $2.5 billion, despite the SEC suing Coinbase for operating as an unregistered securities exchange.
Othe major leaders
The Winklevoss twins, founders of the Gemini Trust crypto exchange, saw their wealth balloon by $1.4 billion each, totaling $2.7 billion. However, Gemini has faced legal challenges, including a lawsuit from the New York Attorney General alleging fraud.
Barry Silbert, founder of Digital Currency Group (DCG), experienced a $1.5 billion wealth increase in 2023, reaching an estimated $2 billion. DCG has undergone restructuring, selling off or closing businesses following subsidiary Genesis filing for bankruptcy.
In contrast, Sam Bankman-Fried, the imprisoned former CEO of FTX, faces a steady net worth of $0 after being convicted of massive fraud. Bankman-Fried’s net worth peaked at $25.9 billion in March of the previous year.
The cryptocurrency rebound in 2023, fueled by optimism around regulatory clarity and the potential approval of Bitcoin exchange-traded funds, has played a significant role in restoring wealth to these industry leaders despite ongoing legal challenges.
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