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Binance founder CZ’s fortune drops by $12 billion, while SBF is still at $0. Binance CEO Changpeng Zhao’s cryptocurrency empire has fallen more than 80% from its January 2022 peak of roughly $97 billion.
Binance founder and CEO Changpeng Zhao saw his net worth drop by $11.9 billion amid a drop in trading volume on the exchange.
On October 26, the Bloomberg Billionaires Index cut Binance’s earnings estimate by 38%. Following the decline in trading volume, Zhao reached the 95th position on the rich list.
Zhao’s net worth now stands at a paltry $17.3 billion, down 82 percent from his peak of $96.9 billion in January 2022, when he was the 11th richest person in the world.
Bloomberg Indices calculated Binance’s revenue from cash and derivatives trading data from crypto data aggregators CoinGecko and Coinpaprika.
As of September, the share of the stock exchange market fell to 34.3% for seven consecutive months. In January, Binance’s share of the cash market was over 55%. Binance.US, the US-based arm, also saw a new drop in volume last month.
Binance
Zhao’s net worth plummeted and Binance’s trading volume dropped following twin complaints from the US Securities and Exchange Commission and the Commodity Futures Trading Commission.
The SEC sued Zhao, Binance and Binance.US in June. It also claimed that these exchanges operate illegally, sell unregistered securities and missell clients’ assets, and Zhao is named as their controller.
The CFTC complaint in March alleged that Binance did not properly register with the regulator. Both Zhao and Binance deny the regulator’s claims and are seeking to dismiss both lawsuits.
The recent fall compared to CZ’s former rival Sam Benkman-Fried, who saw his $16 billion fortune virtually wiped out in November 2022 after FTX’s liquidity crisis was revealed days before it filed for bankruptcy.
Some believe the crisis started with a tweet from CZ. When he announced that Binance was selling its FTX Token (FTT) holdings, it set off a wave of withdrawals from FTX. Zhao initially moved to buy the exchange in question but pulled out less than 48 hours later.
Benkman-Fried took the witness stand at his criminal trial on October 26. where he previously pleaded guilty to two counts of fraud and five counts of conspiracy.
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