Changpeng Zhao, the founder of Binance and a leading figure in the cryptocurrency world, doubled his net worth during his time in prison.
Zhao, the richest person in the crypto industry, has increased his net worth since his incarceration. Forbes estimates that Zhao currently has a fortune of $61 billion, making him the 24th richest person in the world; Julia Koch and her family follow closely behind. The next richest person in crypto is Coinbase founder Brian Armstrong, whose net worth is $11 billion.
There are two main components to CZ’s wealth growth. First, his 90% stake in Binance, a major crypto exchange, is worth $33 billion. This is despite CZ stepping down as CEO in November 2023 as part of a deal with the U.S. Department of Justice, after he pleaded guilty to money laundering and sanctions violations.
His company was also ordered to pay a hefty $4.3 billion fine, but the impact on Zhao’s personal fortune was less significant, as he only had to pay $50 million in fines.
In the six months since his defense, Binance has increased its dominance in terms of trading volume among crypto exchanges worldwide. In the six months since his departure, his share of the total spot market among exchanges has increased to 42%, compared to an average of 38% in the two months prior to the deal, according to data compiled by The Block.
The significant change in CZ’s net worth comes after Forbes discovered his personal holdings in the BNB token. Zhao is estimated to own 64% of the total 147.5 million BNB tokens in circulation. Forbes estimates that Binance owns 71% of the BNB supply.
Despite Binance’s legal woes, BNB is set to surge 100% in 2024, putting it ahead of other popular cryptocurrencies like Bitcoin (up 54%), Ethereum (up 53%), and Solana (up 49%). BNB recently reached an all-time high of $714, taking its market cap to $110 billion. Changpeng Zhao, 47, accumulated BNB in two ways: the founding of Binance in 2017, and the splitting of 80 million tokens from a total supply of 200 million BNB between CZ and the founding team. Forbes notes that the company holds 46.2 million of the original 80 million tokens. CZ owns 90% of Binance, which accounts for 41.6 million BNB.
Binance did not disclose in its official whitepaper what would happen to the unsold tokens, but investigations suggest that these tokens were placed in wallets owned by Binance. Today, these wallets are estimated to hold 58 million BNB, worth $35 billion at today’s price of $602. CZ’s 90% ownership of Binance gives him a little over 52 million more BNB. In total, Zhao is estimated to own around 94 million BNB tokens.
The value of the assets owned by the founder of Binance is around $56.6 billion today.
FOR THE GIFT OF 10 DOLLARS PLEASE READ CAREFULLY.
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So who can benefit?
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I EXPLAIN IN DETAILED.
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WHEN WILL THE REWARD COME?
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You can share this post with your friends in need so that they can also benefit from it.
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