Changpeng Zhao, the former head of #Binance , saw an addition of nearly $25 billion to his wealth in 2023.
CZ, as Zhao is commonly known, reached the top of the list of crypto entrepreneurs with the largest net worth increase in 2023, according to the Bloomberg Billionaires Index.
Other significant figures in the crypto industry whose wealth increased by billions include Brian Armstrong of Coinbase and the Winklevoss twins.
CZ, who founded Binance and holds a controlling stake, witnessed a wealth increase five times greater than the $4.3 billion in fines Binance agreed to pay to American authorities.
Despite a certain decline in market share, Binance profited from higher trading volumes associated with the revival of the crypto market.
CZ's wealth is estimated at over $37 billion, which includes his stake in Binance, #Bitcoin holdings, and Binance Coin (#BNB ).
In November, CZ and Binance admitted to violations related to anti-money laundering and breaching American sanctions. Binance can continue operating, but CZ agreed to pay a personal fine of $50 million and step down as CEO, retaining his ownership stake.
Although CZ's wealth significantly increased in 2023, it is still far from its peak of nearly $97 billion at the beginning of 2022.
Wealth Growth of Crypto Billionaires in 2023
Brian Armstrong of Coinbase added $5.8 billion to his wealth, totaling $7.2 billion. His wealth increased due to a 400% rise in Coinbase shares, of which he holds approximately 16%.
Fred Ehrsam, co-founder of Coinbase, improved his estimated wealth by $1.8 billion, reaching a total of about $2.5 billion.
The Winklevoss twins, founders of Gemini Trust, each gained $1.4 billion in 2023, bringing their total to $2.7 billion each.
Barry Silbert, founder of Digital Currency Group, witnessed a growth of $1.5 billion, reaching an estimated $2 billion.
On the other hand, Sam Bankman-Fried, the former CEO of FTX, incarcerated for fraud, maintained his net worth at zero, after peaking at $25.9 billion in March of the previous year.
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