Binance founder Changpeng “CZ” Zhao, who recently pleaded guilty to U.S. criminal charges and resigned as CEO of the cryptocurrency exchange, will be worth nearly $25 billion in 2023, according to the Bloomberg Billionaires Index. has increased.
According to the index, Zhao’s estimated net worth is now more than $37 billion, making him the 35th richest person in the world. The significant fortune is derived from Zhao’s controlling stake in Binance, Bloomberg reported earlier today. Zhao also reportedly holds Bitcoin and Binance’s own coin, BNB, and these assets are not included in the index.
Binance and Zhao plead guilty
Last November, Zhao and Binance pleaded guilty to anti-money laundering and sanctions violations in a historic settlement with Binance U.S., with Zhao agreeing to personally pay a $50 million fine.
Zhao faces up to 18 months in prison, and a federal judge recently ruled that he cannot return to his home country of the United Arab Emirates for the time being. His sentencing is scheduled for February 23.
According to a Bloomberg report, Chairman Zhao’s assets are $37.2 billion, a significant increase from the peak of $97 billion in early 2022. This is also a notable decline from the annual high of $50.4 billion in July.
Bankruptcies of other cryptocurrency leaders surge
Along with Zhao, several other cryptocurrency executives have seen their personal wealth surge in 2023 as the market recovers. These include Coinbase CEO Brian Armstrong (now worth an estimated $7.2 billion), Coinbase co-founder Fred Ersam (worth $2.5 billion), Gemini co-founders Tyler and Cameron Winklevoss (worth $2.7 billion each), and digital currency group founder Barry Silver. Includes $2 billion. , according to a Bloomberg report.
Meanwhile, Sam Bankman-Fried, the former CEO of now-defunct cryptocurrency exchange FTX who was recently convicted of fraud, maintains an estimated net worth of $0. According to a Bloomberg report, this is a decrease compared to the peak of $25.9 billion in March last year.
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