Changpeng Zhao, also known as “CZ,” was recently forced to step down as CEO of Binance, the world’s largest crypto exchange.
The popular CEO pleaded guilty a month ago and reached a deal with American authorities. Nevertheless, his power has increased enormously.
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Binance CEO net worth grows by $25 billion
According to the Bloomberg Billionaires Index, CZ’s wealth has grown by nearly $25 billion this year. That’s more than five times the penalty Binance has to pay.
According to the Bloomberg index, CZ’s net worth is now estimated at more than $37 billion. This makes him the 35th richest person in the world.
However, this is nowhere near the amount CZ had at the start of 2022, when the bear market had just begun. According to Bloomberg, CZ had a net worth of nearly $97 billion at the time.
His wealth comes from the huge stake that CZ holds in Binance. What is noticeable, however, is that CZ also owns cryptocurrencies, including Bitcoin (BTC) and Build n Build (BNB), better known as Binance Coin.
The Binance settlement and possible prison sentence for CZ
However, how much crypto CZ owns is unknown and reportedly not included in the Bloomberg index total.
A month ago, Binance and CZ reached a settlement with US authorities for violating anti-money laundering measures. Binance had to pay a historic amount of 4.3 billion. CZ paid a fine of $50 million
It may not stop here. He is due in court in February and could potentially face 18 months in prison. This can even be up to 10 years. However, he was recently informed that he would have to wait for the verdict in the United States. He is currently not allowed to leave the country.
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More and more crypto executives are seeing their assets rise rapidly
CZ is not the only executive in the crypto world whose assets have rallied sharply due to rising prices in the crypto market. According to the Bloomberg report, Coinbase CEO Brian Armstrong’s net worth has increased to $7.2 billion.
Coinbase co-founder Fred Ehrsam’s fortune has risen to $2.5 billion. The Winklevoss twins’ net worth is now back at $2.7 billion each. Digital Currency Group (DCG) CEO Barry Silbert now has a net worth of $2 billion.
The fortune of Sam Bankman-Fried, the former CEO of the collapsed FTX, was $25.9 billion as of last March. According to Bloomberg, there is $0 left.
“Investing in cryptocurrencies is not for the faint of heart; You have to be prepared for the spectacular highs and lows. There’s a reason these investors are billionaires, and it’s not luck. You will not be tempted to dump your investments in falling markets. They believe in the long-term opportunities that this area offers,” said Campbell Harvey, a professor of finance at Bloomberg.
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